Commercial space spanning nearly two million square feet in New York City is currently dedicated to the life science field, and all of this space is occupied. This is a sign that this industry is growing quickly in the Big Apple. In fact, New York is bracing itself for many more life science businesses interested in engaging in real estate transactions there.
The challenge that New York faces, though, is that real estate that is suitable for life science companies to grow is lacking. The state could use an extra half a million square feet every year for the life sciences. After all, there are nearly five people with life science degrees for each available job right now in New York City.
The mayor of New York City, Bill de Blasio, announced a 10-year, $500 million plan for developing the life science industry in the Big Apple back in 2016. The strategic plan is called LifeSci NYC. About $100 million of the funding from this plan will go to developing an industry hub, whereas $300 million should be used to provide life science space developers with tax abatements.
The fact that the life science industry is booming in New York may give hope to those interested in buying and selling commercial real estate there. However, not all of these types of real estate transactions go smoothly, with some being more complicated than the others. An attorney can provide a buyer or seller with the guidance needed to navigate a real estate transaction confidently in New York.