New York City, despite its size, population and access to venture capital and top academic institutions, is not a major center for life science startups. But recent reports suggest that may—at least a little bit—be changing.
For example, Alexandria Real Estate Equities, which is a major developer of real estate for biopharma, is developing a 500,000-square-feet addition to its life science campus in Manhattan. Also, the Long Island City Partnership is working to develop a cluster of life science space in a Queens neighborhood, spurred on by the decision by Amazon to pull out of its HQ2 plans.
Alexandria Real Estate Equities opened its flagship site, the Alexandria Center for Life Science – New York City in June 2017. In September 2018, Alexandria LaunchLabs, a full-service life science startup platform, opened in Cambridge, Mass.
A recent CBRE NYC Life Sciences Report for 2018’s fourth quarter indicated that life sciences leasing in the city climbed to 57,000 square feet in 2018 compared to about 40,000 square feet in 2018. Manhattan has more than 1.6 million square feet of life science space with 112,000 square feet available and an average price of $80 per square feet. The CBRE report projects that the city will double its lab space in the next two years.
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