Signs of Recovery: Life Science, Pharmaceutical & BioTech Industries are Growing in NJ

Perhaps one of the main barometers of New Jersey’s economic recovery is the commercial real estate industry. Ranked among the top seven metropolitan life sciences clusters in the United States, the life science, pharmaceutical and BioTech industries are growing in New Jersey – making these industries some of the strongest influencers in the commercial real estate market.

In fact, the healthcare and life science industries have proved vital to New Jersey’s commercial real estate comeback in recent months, driving leasing and sales activity to help vacancy inch downward in the second quarter. Big players in the industry, such as Pfizer and Spectra Laboratories, recently secured big deals in New Jersey during the first quarter of 2013, while Memorial Sloane-Kettering will convert the former 287,000 square foot Lucent Technologies facility in Middletown into a cancer treatment center. Further New Jersey office space has been secured for life science, pharmaceutical and BioTech companies of all types.

Activity in the life science, pharmaceutical and BioTech industries are picking up not only from an occupier perspective, but also from an investor and ownership perspective as well. As demand grows for existing medical office space, in which space can be tight depending on the area of New Jersey, owners are now converting some of their obsolete office-type properties to medical type space. On the other hand, investors are looking for opportunities to build in this niche market.

Movement in the market can also be noted by several other big deals that happened in the first and second quarters of 2013. Some of the projects include the acquisition of Bausch & Lomb Holdings by Valeant, which will move from Madison to a subleased 90,000 square foot space in Warren, and Summit Medical Group’s deal to occupy a 100,000 square foot space in Florham Park, to be built by the Rockefeller Group.

Explore Life Science, Pharmaceutical and BioTech Space in New Jersey

Despite the fact that the life science, pharmaceutical and BioTech industries are growing in New Jersey, there is still a wide variety of commercial real estate and lab space choices available throughout the state. Globally connected and ideally positioned for growth, New Jersey connects more than 130 million consumers within a 24-hour driving radius and has the world-class infrastructure to allow for quick and easy movement of products and people. This is just one of the many reasons why more than 21 Fortune 500 companies call New Jersey home.

Some of our recent life science clients have included:

  • Armgo Pharma – Tarrytown, NJ
  • Barr Labs – Woodcliff Lake, NJ
  • Cyclacel Pharmaceuticals – Berkeley Heights, NJ
  • Lonza – Baltimore, MD
  • NicOx, Inc. – Warren, NJ
  • Profectus BioSciences, Inc. – Tarrytown, NJ
  • Schering-Plough – San Paulo, Brazil
  • HelioGenetics, Inc.oy – Fair Lawn, NJ

To learn more about our team at Tarvin Commercial and the many ways that the life science, pharmaceutical and BioTech industries are growing in New Jersey, please do not hesitate to contact us at your leisure. In the meantime, we invite you to browse our website at your leisure and encourage you to bookmark our site for the latest news and information on commercial real estate in the Tri-State area.

We look forward to hearing from you soon and to helping you find the New Jersey commercial real estate to not only meet your needs, but to also exceed your expectations. Let’s get started today!