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.
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.
Prism Capital Partners has relocated its headquarters to ON3, the mixed-use campus that it’s developing at the sprawling former Hoffmann-LaRoche campus in Nutley and Clifton.
With 2020 underway, owners of New Jersey office buildings are closely watching Trenton to see if the state will pass new tax incentives to attract employers. That’s one of the key issues and trends likely to drive the office market this year, according to interviews with brokers and landlords. In fact, observers say the fate of tax incentives will have more impact on New Jersey’s office market than the presidential election.
Prism Capital Partners is crafting plans for the first ground-up office project at its ON3 campus, hiring an architectural firm to design a new two-building complex on the Clifton side of the property.
NAIOP New Jersey has announced the finalists for its coveted Deal of the Year awards, highlighting six of the state’s most impactful projects and transactions of 2018.
Construction is underway at Quest Diagnostics’ new flagship laboratory in Clifton, a planned 250,000-square-foot facility that is slated to become the largest in its vast portfolio.
A pipeline of new ground-up construction projects is taking shape at Prism Capital Partners’ ON3 campus in Nutley and Clifton, including some 400,000 square feet of laboratory space, a new medical office building and a dual-branded 255-room hotel.