Market Highlights

• Overall vacancy decreased 50 basis points year over year to 22.8% from 23.3% in Q3 2025, while available space declined from 0.6 million square feet to 0.3 msf.
• Longfellow Real Estate and Sculptor Real Estate sold the 208,000-square-foot (sf) Hatch Life Sciences building in Long Island City to Pearl Realty for $87.0 million, 6.5% below its 2021 purchase price.
• Alexandria Real Estate remains in a legal dispute with New York City over a proposed 550,000-sf expansion of its 730,000-sf Alexandria Center for Life Science in Manhattan.

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