Between record-breaking leasing activity and delayed new construction during the pandemic, the city’s supply of available prebuilt, occupancy-ready lab space has shrunk to a measly 1.1%, or just over 21,000 square feet, as of the third quarter, according to data from CBRE. Meanwhile, there is virtually no availability in Manhattan.
But demand for New York City labs is growing, and it will take until 2023 before all of the 1.9 million square feet of lab space that is currently under construction is completed, said John Isaacs, an executive vice president at the brokerage.
Nearly three-quarters of that space is being converted from other uses, such as offices and
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