Market Highlights

• Mayor Adams and NYCEDC celebrated ULURP approval for SPARC Kips Bay and Innovation East, unlocking over two million square feet (msf) for academic, public health, and life sciences growth in New York City.
• New York City has seen over 100,000 square feet (sf) lost or delayed due to federal funding cuts, though demand for lab spaces under 15,000 sf remains strong.
• New York State, a top recipient of NIH funding, is expected to lose approximately $880.0 million due to recently announced federal cuts.

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