"New York City's life-sciences market showed signs of activity in 2025, with a strong fourth quarter boosting annual leasing totals despite a drop in asking rents and an increase in available move-in-ready lab space. Tenants leased approximately 377,000 square feet of lab and lab-ready space last year, with brokers noting that the increase was driven by a few large deals rather than widespread new demand. With major campus projects underway and new biotech IPOs bringing additional funding, landlords are monitoring whether the market's recovery continues."
"According to CBRE, New York logged about 163,000 square feet of leasing in the fourth quarter and roughly 377,000 square feet for the full year, a 138 percent increase over the prior year. The same data put lab-exclusive availability near 27.4 percent and occupancy-ready, built lab availability at about 11.8 percent, while average asking rent for lab space slipped to $96.45 per square foot in the fourth quarter."
"A fresh run of biotech IPOs in early February has injected some capital and optimism into the sector, potentially giving companies more room to sign new leases or grow existing footprints. Coverage in BioPharma Dive and reporting that republishes Reuters coverage note that multiple drug developers, including Eikon Therapeutics, AgomAb and SpyGlass, all priced public offerings in the same week, raising hundreds of millions of dollars."
New York City's life-sciences leasing increased in 2025, with about 377,000 square feet leased for the year and roughly 163,000 square feet leased in the fourth quarter. Lab-exclusive availability stood near 27.4 percent, and occupancy-ready built lab availability was about 11.8 percent. Average asking rent for lab space slipped to $96.45 per square foot in the fourth quarter. Brokers report that demand remains relatively weak and that the annual leasing gain stemmed from a few large commitments rather than broad tenant expansion. A wave of biotech IPOs has injected capital, and major campus projects are adding future lab capacity as landlords monitor recovery.
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