And the industry is showing no signs of slowing down. These investments are staying power as the life sciences sector has been booming since the start of the COVID-19 crisis, which has increased demand for R&D, biotech, pharmaceutical and laboratory space. Mayor Eric Adams has since reaffirmed his commitment to the industry as part of his Blueprint for Economic Recovery, and the state has done its part by offering tax credits to qualifying businesses. (NYCEDC) unveiled a plan to double the city’s $500 million investment in life sciences to $1 billion over the next decade. Last June, the New York City Economic Development Corp. It will have flexible floor plans with minimal support columns, giving businesses the ability to adapt and room to grow.Įxpected to come online in the first quarter of 2023, this project demonstrates the type of investment needed to maximize the incentives that state and city governments are providing to strengthen the life sciences sector. Constructed in 1924 for industrial use and later used as offices, the seven-story building is being converted by Suffolk Construction into a 218,000-square-foot high-tech facility with Class A laboratory space, chemical storage and pH neutralization rooms. While conversion to residential buildings would certainly be an advantageous option for reuse, the possibility of repurposing these buildings for new life science spaces should not be overlooked.Īn example of how old offices can be converted to benefit the burgeoning life sciences industry is 43-10 23rd St. There has been much debate about converting older, vacant office buildings into apartments. While the city may lack open space for new construction, more than 120 million square feet of available office space has remained vacant as of the first quarter of 2021. If New York is to maintain its leadership position in life sciences, it must act quickly. In contrast, the report found that Boston and the San Francisco Bay Area, each with more than 30 million square feet, have much more available space for life sciences growth. New York City is densely built, so vacant lots large enough to build from scratch are rare.Īccording to a report by real estate firm Colliers, the life sciences market in New York City comprises just 4.9 million square feet of existing space across three boroughs - Brooklyn, Manhattan and Queens. Scale manufacturing, successful clinical trials and FDA approval.
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However, experts say one key factor is preventing New York from realizing its full potential as a major player in this fast-growing sector and maximizing its significant investments to date: a lack of available space for life sciences.įor life sciences companies to stay and grow in New York, experts say they need spaces specifically designed to accommodate life sciences companies at every stage – from start-up to so-called “graduation rooms” to large corporations.
New York City also has the highest level of education in life sciences, with nearly 2.5 million residents who have degrees in science, engineering, and engineering fields. The New York City metro area is now the national leader in life sciences jobs and funding, and has surpassed longtime industrial centers like San Francisco and Boston.
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