A new CBRE report has revealed that the life sciences sector more than doubled its leasing in New York between 2019 and 2020, marking its highest level in nearly a decade.
According to the report, companies in the life sciences sector occupy an area of 155,925 square feet around New York City, most of which is in Manhattan, which is the highest amount since 2011. This is compared to the 56% drop seen last year in overall office rental, indicating the industry is pandemic-proof.
“It wasn’t a large company that took up this space,” said Steve Purpura, head of CBRE’s life sciences division. “It’s new companies that have taken up this space, and these companies are growing rapidly.”
At the start of 2020, there were 42 tenants in life sciences. This number rose to 59 by the end of the year.
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With the growing pandemic of need for therapeutics and vaccines, the industry has managed to have a strong year compared to other industries, like hospitality and retail.
Funding for venture capital firms totaled $ 907 million in New York City last year, its highest annual amount on record according to the report.
As the life sciences market grew slowly before the pandemic, it was …
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