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Life Sciences Drives NJ Office Leasing YTD

Since 2018 began, life sciences had accounted for more than 564,000 square feet of office leasing activity throughout Northern and Central New Jersey, even before Teva Pharmaceuticals signed the year’s biggest deal. “That impressive statistic represents 11.4% of the state’s total office leasing through the first six months of the year,” said Cushman & Wakefield’s Jason Price.

Add July’s Teva lease and other sizable office deals in the pipeline, “and the influence of life sciences in 2018 will be even more marked by the end of the third quarter,” Price added.

The sector’s presence in the New Jersey economy is deep-seated. “Thirteen of the top 20 global bio-pharma companies are headquartered in New Jersey,” said Andrew Judd, Cushman & Wakefield’s market leader. “These companies are attracted to the state by our skilled and talented labor pool, and 60-plus colleges that produce more than 20,000 life sciences graduates each year.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).