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Report
 | 
Evolving Workforces
NYC Life Sciences:
Year-End 2024 Market Report
CBRE RESEARCH
 | 
MARCH 2025
CBRE
Year-End 2024 NYC Life Sciences Recap:
  • As of year-end 2024, NYC’s total lab exclusive inventory was 2.89 million sq. ft. and has the potential to grow to more than six million sq. ft. by 2029.
  • At 158,000 sq. ft., NYC’s lab leasing velocity in 2024 trailed the prior year by 60% and was the lowest annual total since 2020.
  • NYC’s lab exclusive average asking rent closed out 2024 at $106.91 NNN per sq. ft., up 9% from one year ago.
  • Total lab requirements dropped to 531,000 sq. ft. at year-end 2024.
  • NYC’s life sciences VC funding saw a significant rebound in 2024, reaching $1.83 billion, after averaging $1.05 billion during the prior two years.
  • At $2.58 billion, NIH funding awarded to NYC institutions in 2024 was on par with 2023's total.
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