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Market Highlights
- Overall vacancy declined modestly to 30.0%, down 120 basis points (bps) from 31.2% in Q1 2025. Despite this improvement, vacancy remains elevated, signaling continued demand constraints.
- Innolabs, located at 45-18 Court Square in Long Island City, has reached full occupancy following Rover Therapeutics’ lease of 15,763 square feet (sf).
- Proxima, a drug discovery company, raised $86.3 million in a seed round. The funding will help the company develop new types of medicines and explore new ways to treat diseases like cancer and immune-related conditions.