Life Sciences and Biotech Space for Lease in Manhattan and NYC
Find the perfect Life Sciences & Biotech Space for Rent in NYC with Metro Manhattan! Between 2019 and 2020, the Life Sciences and Biotech sector leased over 135,000 square feet of laboratory space in Manhattan – an all time record. Combined with the lowest commercial rents in decades due to the pandemic, you have an opportunity to establish a strong global presence by choosing to open your new research facility in Manhattan. You would save a substantial amount of money by taking advantage of current pricing and amicable offers from landlords, including elaborate buildouts to serve the needs of your research facility.
The year 2020 saw nearly 60 new companies rent Life Sciences & Biotech space in New York City. Currently, NYC employs around 55,000 people in this industry – giving you access to excellent research and staff talent to choose from.
Total commercial space for Life Sciences and Biotech use in NYC was about 1.7M square feet at the end of 2020, and it’s expected to grow to over 4M square feet by 2025 according to recent industry reports.
For over 17 years, Metro Manhattan Office Space has successfully negotiated many hundreds of leases for office space in New York City. Make use of our knowledge of the available listings, landlords and buildings, and take advantage of record low square footage costs in 2021 by securing a highly favorable long-term lease to reduce your business’s long-term real estate costs. Browse our listings or call us for access to thousands of properties not currently listed on our site: (212) 444-2241
The Challenges of Finding Life Sciences and Biotech Commercial Space for Lease in Manhattan
As per the list above, laboratories and research facilities require appropriately zoned buildings with highly specialized and elaborate infrastructure to accommodate tenants in the Life Sciences and Biotech industries. While the choices of buildings and neighborhoods are somewhat more limited compared to general use office space, it is projected that 1.1M square feet of space for Life Sciences and Biotech use will become available by the end of 2021 in Manhattan and greater NYC.
Landlords who serve this market fully understand the complex requirements of their tenants, as well as the general importance of life-changing work that goes on in these facilities.
The Effect of COVID-19 on the Demand for Life Sciences and Biotech Space in Manhattan
In 2020 and 2021, the COVID-19 pandemic has created a sharp uptick in demand for research and laboratory spaces compared to 2019. Manhattan and NYC have seen around 850,000 square feet of new demand for commercial space within these industries. $2.5B of new venture capital funding has been allocated to the Life Sciences and Biotech industries, which helped strengthen the industry as a whole and position Manhattan as one of the top 10 cities in the United States for Life Science and Biotech research.
Laboratory Building Conversions in Manhattan in 2020
These buildings have been recently converted for laboratory use to serve Life Sciences and Biotech companies and startups in Manhattan:
- 345 Park Ave South – The “Cure” building, located in “Silicon Alley” in the South region of the Flatiron District. It has 295,000 square feet of total lab space, of which 182,000 sqft is still available as of Mar 2021.
- 525 West 57th St – located in the west part of Midtown Manhattan has 87,000 square feet of space with zoning for Life Sciences and Biotech use
- 1361 Amsterdam – “The Mink Building” is located in West Harlem and has 40,000 square feet of Life Sciences and Biotech space
Major Life Sciences Tenant Leases in Manhattan in 2020
- New York Stem Cell Foundation (+23,500 sqft) – Stem Cell Research
- MeiraGtx (22,000 sqft) – Gene therapy for serious diseases, including Parkinson’s
- BlueRock Therapeutics (+19,500 sqft) – Cell and gene therapies across neurology, cardiology and immunology
- HiberCell (15,000 sqft) – Metastatic-focused cancer therapy research
- Kallyope (+15,000 sqft) – Gut-brain biology research using sequencing, computational biology, neural imaging, cellular and molecular biology, and human genetics
Common Tenant Considerations for Life Sciences & Biotech
- Buildings allowing for Life Sciences and Biotech usage – typically M1-5 zoning that supports light manufacturing
- Highly specialized infrastructure requirements (electrical, plumbing, air filtration)
- A landlord with strong understanding of Life Science and Biotech tenant requirements
- Proximity to related manufacturing, medical and research facilities
- Specialized space buildout and equipment suitable for laboratory use
- Parking for staff and visitors
- Building security
- Neighborhood safety
- Favorable long-term lease terms
- Overall leasing costs
- Biological research facilities
- Medical research centers
- General laboratories
- Personalized medicine laboratories
- Cleanroom facilities
- Biomanufacturing facilities
- Science media and education facilities
- COVID-19 related research and manufacturing facilities
- Government testing and research facilities
Current Average Life Sciences Laboratory Space Leasing Costs in Manhattan
(Updated Mar. 2021)
If you are looking to lease a laboratory space for Life Sciences and Biotech use in Manhattan and NYC, give us a call at (212) 444-2241 and let us assist you with your challenge. We’ve helped customers just like you, and we understand the requirements and constraints pertaining to your highly specialized industry.