NYC Life Sciences Overview

The New York City real estate market has trailed other major cities in the Life Sciences sector, such as Boston, San Diego and San Francisco. Comparatively to those markets, the New York City life science inventory is in its infancy, accounting for less than 1.0% of the total office inventory. The first dedicated wet lab facility, the Alexandria Center, was built in 2010 and since then several other projects have been completed or are in the planning stages. With significant public and private funding, respected academic medical institutions and a large workforce, Life Sciences in New York City are set to emerge as a more important component of the commercial real estate market in the coming years.