4A — October 14 - 27, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal For Allendale, NJ-based PCT, a Caladrius Company PoskanzerSkottdesignsclean room expansion/upgrades
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A LLENDALE/RIDGE- WOOD, NJ — Pos- kanzer Skott Archi- tects (PSA) of Ridgewood, NJ has designed an expansion for Allendale, NJ-based PCT, a Caladrius Company. PCT is a leading development and manufacturing company that focuses exclusively on the cell therapy industry. The design, which includes addi- tional clean rooms and other upgrades, will improve PCT’s capability to provide com- mercial grade cGMP manu- facturing capacity, and most importantly, meet compliance requirements for product dis- tribution into the European Union. “The expanded design pro- vides additional space to house growing demand for our ser- vices, including expanding our capability to process, manu- facture and develop EU-com- pliant cell therapy products,” said Robert Preti, PhD, presi- dent and co-founder of PCT. “We thank PSA for their past and ongoing support to grow PCT’s infrastructure alongside the advancement of the cell therapy industry.” PSA designed the original Allendale facility in 2008, with WASHINGTON — Buoyed by a steadily improving labor market and strong demand for multifamily housing, com- mercial real estate activity should remain on an upward trajectory, with a growing share of it is expected to be in smaller markets, according to the National Association of Realtors quarterly commer- cial real estate forecast. National office vacancy rates are forecast by Realtors to fall 1.5% to 10.4% over the coming year as employment gains boost demand for office space. The vacancy rate for industrial space is expected to decline 0.7% to 8.7%, and retail availability to decrease 1.0% to 10.5%. Only vacancies in the multifamily sector are ex- pected to edge higher over the next year, from 5.9% to 6.1%, as new apartment construction comes onto the market. Lawrence Yun , NAR chief economist, said: “Ongoing overseas weakness and the slowdown in business invest- ment despite historically low interest rates held second quarter growth at a tepid and
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plans to build out in phases. Phase One included four clean room suites and a freezer farm unit with multiple liq- uid nitrogen freezers. PSA subsequently designed two additional clean rooms which were done in 2016. Recently completed stages of the work include redesigned warehouse and storage space with plans to move and upgrade bath- rooms and locker rooms. The two additional clean rooms included in this new design will bring the facility up to a total of eight which are fully compliant with FDA norms and five which are compliant with requirements set by the European Medicines Agency (EMEA). PCT expects con- struction on the latest expan- sion to be completed in 2017. disappointing pace,” he said. “Only steady job creation, solid consumer spending and residential construction – al- beit not enough of it – kept the economy afloat during the first half of the year.” Strengthening local job mar- kets has fueled sustained demand for commercial space and has pushed vacancy rates down in all commercial sectors. However, a growing concern from Realtors, who mostly have clients that rely on fi- nancing to secure deals, is that underwriting standards have stiffened in light of increased regulatory scrutiny. With new construction out- side of the multifamily sector taking a breather during the first half of the year, overall demand outpaced supply and suppressed inventory lev- els in many areas. This was evident in the latest Realtors Commercial Real Estate Mar- ket Survey, which measures quarterly activity from NAR’s commercial members. The survey revealed that inventory shortages are the number one concern for Realtors, which is
“We take great pride in the quality and longevity of our relationship with PCT,” said partner Barry Poszkanzer, AIA . “PCT is an exciting com- pany and we look forward to providing additional support and services as the company expands, and as compliance regulations require.” PCT is the only GMP-compli- ant cell therapy external man- ufacturing partner with two facilities located on both east and west coasts of the United States. They offer cGMP (Cur- rent Good Manufacturing Practices) infrastructure for the manufacturing of cell-ther- apy based products including: quality systems, streamlined technology, transfer, storage, logistics, cell and tissue pro- cessing. n in turn pushing price growth upward. Prices for commercial properties increased 5.3% in the second quarter compared to a year ago, with the aver- age transaction cost at $1.4 million. “While inventory constraints and strong appreciation in apartment and retail proper- ties pushed up prices in large commercial markets last quar- ter, overall sales volume was still down as investors looked for better deals and higher yields in smaller cities,” said Yun. “As a result, investments and leasing activity in middle- tier and smaller markets led the way and are expected to maintain their momentum in coming months.” According to Yun, the de- mand for apartments will continue to drive multifamily housing construction, albeit at a more moderate pace, as a growing share of builders shift from apartments to sin- gle-family homes. Expected completions being added in coming years should begin to moderate rents and nudge vacancies higher. n
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