Experts say New Jersey faces a growing challenge: While it’s still a major draw for pharmaceutical research and development, speed to market has become increasingly important to life sciences users. That means the state’s lack of move-in-ready lab space — and its lengthy approval process for new construction — puts it at a disadvantage to competing markets.
After decades of consolidation by Big Pharma, demand for modern lab and diagnostic space in New Jersey is on the rise, fueling rent growth and pushing some developers to consider new laboratory projects.
Thor Equities Group has landed a major tenant at its newly acquired life sciences campus in Bridgewater, inking a 101,500-square-foot lease with a biopharmaceutical company.
A pharmaceutical firm is the latest tenant to expand at Advance Realty’s flagship life sciences campus in Bridgewater, where it has taken nearly 13,000 square feet.
A global trade association has recognized Advance Realty with an accreditation tied to high standards of property management, placing it in the company of fewer than 550 firms worldwide.
The commercial space at a sprawling redevelopment site in Bridgewater is now 80 percent leased, following two new deals and growth by existing tenants in the life sciences sector.