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New York City Life Sciences Market Statistics Report Ye 2020 Table of Contents

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New York City Life Sciences Market Statistics Report Ye 2020 Table of Contents NEW YORK CITY LIFE SCIENCES MARKET STATISTICS REPORT YE 2020 TABLE OF CONTENTS INTRODUCTION LAB STATISTICS OTHER MARKET STATISTICS 01 02 OVERVIEW 03 OVERVIEW INCUBATORS EXISTING & EMERGING LANDMARKS MAP 04 05 LIFE SCIENCES CLUSTERS 06 INTRODUCTION INTRODUCTION Executive S ummary 01 Ecosystem & State o f the Market INTRODUCTION 01 Executive S ummary INVENTORY & AVAILABILITY ASKING RENT & LEASING ACTIVITY TENANTS IN THE MARKET • As of YE 2020, NYC’s total lab exclusive • Despite the broader economic recession in • Lab demand in NYC grew significantly inventory totaled about 1.68 million sq. ft. and 2020, NYC’s lab average asking rents throughout 2020, both in terms of number of is anticipated to grow to approximately 4.21 continued to show strength. NYC’s lab lab tenants seeking space as well as total sq. million sq. ft. by 2025. exclusive average asking rent increased 12% ft. At about 1.31 million sq. ft. as of year-end from one year ago to reach $93.83 NNN per 2020, demand has more than doubled from With leasing activity picking up during the • sq. ft. at year-end 2020. one year ago. second half of the year, the lab exclusive availability rate fell from its H1 level to 26.2% • NYC’s leasing activity reached its highest level • The onset of COVID-19 brought about some by year-end 2020, while the a vailability rate since 2011, at around 156,000 sq. ft. in additional pandemic-related requirements for occupancy-ready, pre-built lab space 2020, and more than doubled from 2019’s seeking pre-built space for a shorter term and dropped to 0.0%. total. for rapid occupancy. VC FUNDING NIH FUNDING EMPLOYMENT • NYC’s life sciences VC funding picked up in • NYC’s NIH funding reached roughly $2.28 • Total life sciences employment in NYC notched 2020, even amid the uncertainty of the billion for full year 2020, i ts fifth consecutive a record high of approximately 14,600 jobs at COVID-19-induced recession, reaching its year of growth. year-end 2019 and has grown a robust 67% since 2001. second highest annual total ever at roughly • Columbia University Health Sciences, Icahn $907 million. School of Medicine at Mount Sinai, and New • 2019’s life sciences employment annual • The makeup of companies receiving funding York University School of Medicine were the growth rate of 9% was its strongest since in 2020 included a blend of repeat and first- leading recipients, accounting for more than 2004’s 11% rate. time recipients, along with companies that half of 2020’s NIH funding total signed new lab leases during the year. Source: CBRE Research, YE 2020. NEW YORK CITY LIFE SCIENCES | YE 2020 4 INTRODUCTION 01 Ecosystem & State o f the Market RISE OF THE NEW YORK CITY LIFE SCIENCES ECOSYSTEM STATE OF THE NYC LIFE SCIENCES MARKET OTHER RECENT TRENDS The Planned NYC’s life sciences industry has moved 321,000 sq. ft. of lab capable space. The • While NYC continues to see an unprecedented uptick in demand Ro ad Ahead onto the fast track in recent years campus is being developed by the Janus following the successful opening of Property Company and J.P. Morgan Asset for lab space from new and An ever-expanding NYC’s first major lab campus in 2010, Management and is already home to the expanding life sciences companies inventory of lab space – the Alexandria Center for Life Science, lab capable Mink Building. In the that have recently raised a from incubators, to step out and then the introduction of both the boroughs, Brooklyn is already home to significant amount of capital, the space, to independent labs $500 million NYC Economic BioBAT at the Brooklyn Army Terminal lack of available built, move-in- – supports the maturation of Development Corporation and City of and the Downstate Biotechnology ready lab space remains a NYC into a premier life New York’s LifeSci NYC incentives Incubator, while Long Island City in headwind for growth. sciences destination. program in 2016 and New York State’s Queens has seen investments by • With demand for built, move-in- own $620 million life sciences incentives Alexandria and a joint venture by GFP ready lab space outpacing supply, program in 2017. Real Estate and King Street Properties to it is compelling life sciences bring two life sciences redevelopments to Since 2018, several key investments by companies to make decisions on NYC public investment and private capital market that will offer more than 450,000 developers have laid the groundwork for their real estate at an earlier 5 are now driving the initial phases of the sq. ft. of lab capable and exclusive space creation of additional lab ready inventory. the future of life sciences in NYC, which stage. between the two projects. will serve to nurture the growth of existing • Lab asking rents continued to rise Successful startupsgraduated to step out life sciences clusters and facilitate the Meanwhile, all this development in 2020 – even in the face of a 4 space but faced limited inventory. formation of new ones. underway comes during an broader economic downturn. unprecedented influx of local VC and Just west of the Alexandria Center, VC firms infused capital to NIH funding, which did not let up in promising startups. Deerfield Management is currently 2020 amid the onset of the COVID-19- redeveloping nearly 300,000 sq. ft. at induced recession. 3 Life sciences startups Cure (345 Park Avenue South) into lab INCUBATOR SCENE moved to incubator space to nurture development. capable and exclusive space as part of These factors helped spur a significant • In 2020, NYC's newest life the property’s transformation into a increase in tenant activity during the year sciences incubator, IndieBio, leading life sciences hub. On which led to 2020’s total leasing activity opened at Rockefeller University. 2 Research universities Manhattan’s west side Taconic Investment reaching its highest level since 2011 – as and medical institutions spawned innovation. Partners and Silverstein Properties are some of NYC’s newest life sciences • A second outpost of Alexandria redeveloping around 125,000 sq. ft. of developments attracted its first tenants. LaunchLabs is slated to open in lab exclusive space at the Hudson 2021 at Columbia University. 2020’s milestones represented a critical 1 Research Center. North of this, step in the NYC life sciences market’s The current rentable sq. ft. growth construction is progressing on the • continued evolution and are indicative of multiple for incubator tenants in Manhattanville Factory District’s Taystee Source: CBRE Research, YE 2020. an industry with ample momentum NYC is 7.71x. Lab Building, which is to offer life heading into 2021. sciences tenants a chance to occupy NEW YORK CITY LIFE SCIENCES | YE 2020 5 LAB STATISTICS OVERVIEW Tracking Lab Inventory in NYC Asking Rent & Leasing Activity M arket Data Snapshot Tenants in the Market 02 Inventory & Availability LAB STATISTICS OVERVIEW 02 Tracking Lab Inventory in NYC OVERVIEW TYPES OF SPACE TRACKED IN NYC INVENTORY Lab space is a unique asset in the NYC office market, and buildings that can accommodate labs must meet several L AB E XCLUSIVE LAB CAPABLE L AB O VERALL special conditions. Lab use is restricted by zoning, a significant limiting factor on where businesses requiring “Lab exclusive” space is, as the name “Lab capable” space is found in Combining both lab exclusive and suggests, built out exclusively for lab buildings zoned for lab use and lab space can locate. lab capable space yields an all- use, and is either currently occupied outfitted with the appropriate building inclusive statistical category called The second limitation is infrastructure, as lab use requires by or being marketed exclusively to infrastructure to accommodate the “lab overall,” which provides the lab tenants. special needs of lab users. Landlords most complete accounting of all the buildings that can support numerous special features – of this space will consider both lab space in the market that can including data systems, power loads, natural gas hookups and office users as tenants. accommodate lab uses. Incubators, and ventilation systems. step-out spaces and independent labs for more established companies Most buildings in the NYC inventory are not compatible are all included in this space with lab use. However, in the last several years, major category. strides have been made to increase lab uses in the city, which is reflected in the growing inventory of lab exclusive and lab capable space. Source:Source: CBRE Research, CBRE Research, YE 2020. H1 2020. NEW YORK CITY LIFE SCIENCES | YE 2020 7 LAB STATISTICS OVERVIEW 02 YE 2020 Market Data Snapshot Lab Space Statistics Other Market Statistics New York City Manhattan New York City LAB EXCLUSIVE LAB OVERALL LAB EXCLUSIVE LAB OVERALL YE 2020 VC Funding $906,880,000 Number of Buildings 15 17 11 13 YE 2020 NIH Funding $2,276,720,215 Total Inventory (RSF) 1,684,425 2,508,733 1,228,634 1,901,930 YE 2019 Employment 14,622 Available Space (RSF) 441,765 1,064,023 157,974 629,220 Occupancy-Ready, Pre-built 0 0 0 0 Available Space (RSF) Availability Rate 26.2% 42.4% 12.9% 33.1% Occupancy-Ready, Pre-built 0.0% 0.0% 0.0% 0.0% Availability Rate Average Asking Rent (NNN) $93.83 $97.25 $110.78 $108.38 YE 2020 Leasing Activity (RSF) 155,925 137,925 Future Space (RSF) 2,523,500 2,610,348 2,201,000 2,287,848 Source:Source: CBRE Research, CBRE Research, YE 2020. H1 2020. NEW YORK CITY LIFE SCIENCES | YE 2020 8 LAB STATISTICS OVERVIEW 02 Inventory & Availability NYC Total Lab Inventory New York City Availability Summary Lab Exclusive As of YE 2020, NYC’s total lab exclusive Sq.
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