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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