Life science leasing activity in New York City reached new heights in 2022, despite a noticeable drop-off in venture capital in the second half of the year.
Leasing activity totaled 455K SF, a 5% increase over the total in 2021, with average rents reaching a record high of $108.47 triple-net per SF, according to a new market report from CBRE.
Lab exclusive inventory grew in NYC from 1.9M to 2.7M, but demand was robust enough to keep the available rate for occupancy-ready pre-built lab space at a tight 3.8% as of the end of the year.
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