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With the deals, Georgetown is targeting a rapidly growing market. Real estate brokerage CBRE expects the city s life science office space, currently 1.7 million square feet, to reach 4.2 million by 2025, according to a report released last month.
Even with that expansion, the market is still tiny in comparison to the city s 500 million square feet of office space as well as the life science capacity of East Coast rival Boston. Yet we ve got exceptionally talented physicians, researchers and scientists who live and work here, said Jonathan Schmerin, a managing principal at Georgetown. It s evident to us that the industry is going to continue to grow dramatically in New York, given the quality of the existing institutions and the talent in those institutions.
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