Flight-to-Quality Trend Brings Established Life Science Companies to NJ
Amid the macroeconomic challenges, life sciences companies in New Jersey are still actively seeking out Class A office and R&D/lab spaces through early 2023, according to a Life Sciences Industry Insight published by JLL.
The flight-to-quality trend continues to attract established companies like AbbVie, Bristol Myers Squibb, and Sanofi, which have relocated within the state to accommodate their new workplace strategies. Sanofi’s lease of 260,000 square feet at the M Station West building in Morristown was the largest transaction completed in Q1 2023. The pharmaceutical company will relocate its operations from Bridgewater in phases in late 2024 to early 2025.
Relocations and consolidations by life sciences companies have led to a rise in sublease space in early 2023. The largest block of sublease space is 154,440 square feet from AbbVie at 5 Giralda Farms in Madison, in addition to the 250,000 square feet previously subleased by Bristol Myers Squibb at the same location.