Life Sciences 2020: The Future is Here

MARKET SUMMARY

• New York City’s life sciences market is gaining momentum as developers bring over 2.6 million square feet (msf) of dedicated office and lab space online over the next three years. • Alexandria Equities is leading the development charge with construction set to begin on the 550,000- sf North Tower of the Alexandria Center for Life Sciences—slated for a 2022 delivery. • Other major projects underway include Deerfield’s 326,368-sf redevelopment of 345 Park Avenue South, Janus Property’s 350,000-sf Taystee complex in Harlem, as well as GFP and King Street Properties’ 263,000-sf development at 45-18 Court Square in Long Island City. • More than $500 million in public investment pledged via the local government’s 10-year LifeSci NYC initiative has the potential to generate 16,000 new jobs. • During the 2019 fiscal year, NIH funding measured roughly $2.2 billion, up 9.0% from 2018 and 40.4% greater than five years ago. • New York City boasts one of the country’s most educated workforces and premier venture capital ecosystems; this clustering is the driving force behind recent life sciences momentum in the city as companies vie for talent and funding.

FAST LAB STATS

1.6 MSF MARKET SQUARE FOOTAGE AVERAGE RENT (PER SF) $75.35 1.9K TOTAL EMPLOYEES +251% TOTAL EMPLOYEES SINCE 2010 14.3% VACANCY

TOP LIFE SCIENCES COMPANIES

LIFE SCIENCES TALENT POOL: 7,648

NEW YORK CITY COMPANY TYPE Pfizer Big Pharma 7,500 8,000

Eli Lilly

Big Pharma

7,000

Bristol-Myers Squibb

Big Pharma

6,500

Intercept Pharmaceuticals

Big Pharma

6,000

Roche

Big Pharma

Average Annual Growth Rate 2001-2018: 2.0%

Number of Persons 5,000 5,500

Enzo Biochem

Biotech

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

Source: EMSI

TOP NIH-FUNDED INSTITUTIONS, 2014-2018

COLUMBIA UNIVERSITY HEALTH SCIENCES $1.9B

ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI $1.5B

NEW YORK UNIVERSITY SCHOOL OF MEDICINE $1.1B

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