The life sciences development boom in New York City picked up steam in 2022 as the real estate market is pulling out of the pandemic slump, and the city’s capacity for further expansion of labs and incubators is significant. Less than 4 percent of NYC office space — about 1.9 million square feet — is currently developed for life sciences use, and deals are rapidly filling the pipeline. Life sciences inventory is projected to more than double — to 4.64 million square feet — by 2025.
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