Office tenants in New Jersey are still flocking to new or upgraded buildings, but the ability for landlords to deliver Class A space could be slowed by the loss of state business incentives.
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.
Teva Pharmaceuticals isn’t the only life sciences company to impact New Jersey’s office market this year, as several others have inked sizable leases to expand or upgrade their space.
Despite new blocks of space hitting the market, New Jersey saw a long-overdue surge of large office leases in the second quarter — with signs that more are on the way.
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.