The advancement in technology together with the COVID 19 pandemic has triggered significant progress in the nation’s life sciences sector. New Jersey has experienced notable growth from emerging pharmaceutical and biotechnology companies. The State offers a unique ecosystem that consists of a strategic location in the heart of the northeast corridor, a talented and experienced workforce, and supply chain infrastructure that enables pharmaceutical and biotechnology companies ease of entry. New Jersey is home to 8 of the top 10 R&D companies, with a tenant roster of many blue chip companies.
- The availability rate in Northern New Jersey increased slightly to 18.6%, with only a handful of buildings accounting for most of the available space, such as 5 Giralda Farms in Madison and 95 Green Street in Jersey City.
- Strong demand continued in Central New Jersey, which accounted for most of the leasing activity, and saw its availability rate improve to 11.6%.
- The Greater Princeton submarket remained a highly sought after location for life sciences companies, evidenced by BeiGene’s 42 acre acquisition at the Princeton West Innovation Campus. The biopharmaceutical company plans to build approximately 400,000 SF of dedicated commercial stage biologic pharmaceutical manufacturing, along with R&D and office space.