New York City’s life sciences market is showing some signs of recovery, but remains challenged, particularly in Harlem where a significant amount of newly built lab space sits vacant. The city’s overall lab availability rate was the highest in the country at 37%, with rents reaching $99.17 per square foot, far higher than other markets like Boston. Recent leasing activity has occurred in certain clusters, such as Alexandria Real Estate’s well-occupied properties and Innolabs in Long Island City, but Harlem has seen less success due to factors like long commutes, uncertain federal funding, and a reliance on local research institutions. The commercial prospects for Harlem’s life sciences buildings have been further complicated by scandals involving developers, leading to empty spaces and a significant downturn in new startups and funding. In light of these conditions, some landlords are seeking to offload struggling properties, while others are exploring capital infusions to keep their projects afloat.
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Link to original article source: https://www.bisnow.com/news/new-york/life-sciences/empty-harlem-labs-nyc-life-sciences-ambitions-in-doubt
