Life Sciences Hubs Expansion & Market Cooling Signals
Key Questions
What are the current vacancy and leasing trends in Boston and NYC life sciences?
Boston life sciences vacancy stands at 26.8% while NYC leasing dropped 84% to 27k sf with availability flat at 27.5% YoY.
What signals indicate cooling in the life sciences sector?
NYC city agencies have cut life sciences support amid sector cooling, though biomanufacturing, AI, and onshoring provide tailwinds.
What recent sale occurred in Providence life sciences?
Newmark brokered the $68M sale of a life sciences and biomanufacturing facility in Providence RI with Organogenesis as tenant.
Boston vac 26.8%; NYC leasing -84% to 27k sf; availability rate 27.5% flat YoY; city economic development agency cuts life sciences support; sector cooling but biomanufacturing/AI/onshoring tailwinds. Tishman Speyer takes over Boston life sciences campus. Biocytogen expands to 70k sf at 300 Third Ave in Boston. Newmark brokers $68M sale of life sciences/biomanufacturing facility in Providence, RI (Organogenesis tenant, $100M capex program).