The latest quarterly report from CBRE reveals key trends in New York City’s lab leasing market. Lab leasing velocity decreased to 27,000 square feet, a significant drop from the previous quarter and last year. The lab exclusive availability rate also saw a decrease of 110 basis points compared to the previous quarter and 140 basis points compared to last year. However, the occupancy-ready pre-built lab availability rate remained steady at 10.7% but increased by 350 basis points from last year.
Despite these changes, the average asking rent for lab space remained stable at $100.76 per square foot. Lab space requirements also decreased by 4% from the previous quarter and a significant decrease of 45% compared to last year.
This decline in life sciences availability is evident in Q3 for NYC according to CBRE’s report.
