The Sleeping Giant Of New York's Lab Market Could Be About To Wake Up

Across most sectors of commercial real estate in New York City, be it offices, apartments and condos, retail spaces or hotels, landlords are grappling with a citywide supply influx, one that is pushing down asking prices and pushing up concessions. Yet, there is one sector that is 100% occupied, commands high rents and has startlingly low supply. NYU Langone Health An NYU Langone Health laboratory facility In New York City, finding a place for a research laboratory is not like finding a needle in a haystack.

The city has about 1.7M SF of life science lab space, a tiny chunk of its 450M SF office supply. Those labs are 100% occupied, according to Transwestern, and the active pipeline is thin. "This has historically has been one of the most supply-constrained markets in New York City," Transwestern Research Manager Danny Mangru said. "New York City possesses all the necessary pieces for the life science industry.

All it's missing is the supply." An asset class with 100% occupancy that lends itself to high rent and high-paying jobs may seem like a no-brainer for a developer to build. But there are just two developments in Manhattan that include labs in the plans: Alexandria Real Estate's Alexandria Center for Life Science campus along FDR Drive and Taconic Investment Partners and Silverstein Properties' conversion of the Movie Lab building at 619 West 54th St. to the Hudson Research Center, which will bring 150K SF of labs to the market.

Read more at: https://www.bisnow.com/new-york/news/economy/the-sleeping-giant-of-new-yorks-lab-market-could-be-about-to-wake-up-78835?utm_source=CopyShare&utm_medium=Browser

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