The northern New Jersey office market continued to weaken in the first quarter, with large availabilities mounting as companies shed excess space and continue to work remotely.
The nation’s life sciences sector continues to expand, boosted by technological advancements, growing employment and a strong economy. While Boston and San Francisco remain the country’s main life sciences hub, their tightening inventory and constrained labor force has driven momentum south to the Garden State.
Life sciences firms accounted for the two largest office leases of the second quarter in northern and central New Jersey, in a market that remains stable despite a slight uptick in availability.
An investment manager has set out to reposition two buildings at the former Bristol-Myers Squibb headquarters campus in Plainsboro, while tapping Colliers International to market more than 400,000 square feet at the property.