New York City might have one of the top office markets in the country — but the life sciences space in the region is going through some tough times. A first-quarter report from CBRE reveals that the sector in the metro saw leasing activity plunge by 84 percent from the previous three months to 27,000 square feet. And year-over-year, the total was down by a narrower 10 percent.
The largest deal that CBRE posted for the first quarter was Rover Diagnostics' 15,763 square foot signing at 45-18 Court Square West. The fourth quarter of 2025, in comparison, saw a much larger deal, with a tenant listed as "NYC DEP" taking 155,000 square feet at 24-02 49th Avenue.
In total, venture capital funding during the first three months of the year came in at just $263.65 million, representing a plunge of 24 percent from the fourth quarter and 22 percent lower than the five-year quarterly average.
More turbulence came from rents, with the average in the life science space in NYC dipping nine percent year-over-year and remaining flat at $96.43 per square foot versus the previous three months.
Meanwhile, availability was branched out into two different categories. The exclusive rate spiked by 110 basis points year-over-year to 27.5 percent, while the occupancy-ready, built lab exclusive category jumped by 190 basis points over the same period.
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