Life sciences sector in NYC sets record in 2020

Leasing of about 156,000 square feet for laboratory and other science-related space in New York City reached its highest level since 2011 and was more than double the figure recorded in 2019, according to CBRE's Year-End 2020 New York City Life Sciences Market report.

“More important than the aggregate absorption is the profile of the multiple mid-stage life sciences companies that drove the absorption,” said Steve Purpura, CBRE’s life sciences practice leader. “The large requirements of tomorrow are now deciding to stay in NYC when they graduate from the incubators — and that is significant step in the right direction for the NYC life sciences cluster. “

CBRE’s Jonathan Schifrin, who specializes in the life sciences sector, continued: “Another factor in the rapid growth of the life sciences sector has been access to venture capital funding, which according to our report reached its second highest annual total ever at more than $900 million. As a result