4B — September 11 - 24, 2015 — New Jersey — M id A tlantic
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A look at the pharmaceutical & life sciences industry C&W releases NJ Pharma/ Life Sciences Market Report
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AST RUTHERFORD, NJ — The pharmaceu- tical and life sciences industry, a long-time driver of New Jersey’s commercial real estate, continues to boost the state’s economy and office mar- ket, according to Cushman & Wakefield ’s New Jersey Pharma/Life Sciences Market Report. “Many of the world’s larg- est pharmaceutical firms ei- ther own or lease substantial amounts of space in the Gar- den State, which has led to its being known as the ‘Medi- cine Chest of the Nation,’” said Cushman & Wakefield’s E
biotech/R&D industries, this group represents an economic impact of $26 billion annually. Pharma/LifeSciencesActivity Cost-cutting moves in the pharma/life sciences industry following the last recession have resulted in a number of major players exiting or con- solidating in the local market- place. At the same time, small and mid-sized pharmaceutical companies have increased de- mand for space over the last few years, according to Cush- man & Wakefield. “Since the start of 2010, pharmaceutical and life sci- ences corporations have ac- counted for more than 22% of all new class A office leasing within the state, with 45 trans- actions greater than 50,000 s/f executed by this sector,” Price said. “Renewal activity has also been robust. Last year alone saw over 465,000 s/f of office space renewed within the industry.” Life sciences demand has been heavily concentrated within specific geographic areas in New Jersey. The I-78 Corridor, Princeton/Route 1 Corridor and Morris County together account for 81.3% of life sciences leasing since 2010. Over the past five years, the I-78 and Princeton/Route 1 Corridors have each seen more than 1.3 million s/f of new leas- ing activity. New Jersey’s 6.8 million-s/f lab/R&D market, which includes both office and flex properties, is concentrated in Morris, Somerset, and Mid- dlesex counties. Vacancy within the lab/R&D market has hovered above 25% in recent years, although it has seen some improvement since reaching its peak of 29.3% in 2013. To date in 2015, healthy demand has resulted in a drop of two percentage points to 25.8%. Cushman & Wakefield pre- dicts that the near future will bring more of the same when it comes to the New Jersey Pharma/Life Sciences sector. “We will see contraction and growth as companies in this fluid industry merge, expand and consolidate,” Price said. “Availabilities that hit the market should be countered by persistent demand. And while lab/R&D may continue to be less of a driving factor in the state’s real estate market, office needs will continue to boost both the local economy and real estate demand for years to come.” n
Jason Price , New Jersey re- search director. “A skilled and highly educated workforce, excellent highway system, and proximity to NYC and the Port of NY/NJ have made our state a desirable location for global organizations.” The number of pharma/life sciences establishments in the state has increased 9.4% since 2008, according to the Cushman & Wakefield report. As of early 2014, more than 3,000 operations comprised the bio-pharmaceutical life sciences cluster in New Jersey. Consisting of the pharma- ceutical, medical device, and
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