Prism Capital Partners has secured another key entitlement for its ON3 campus, allowing it to bring uses such as restaurants and small shops to the Clifton portion of the property.
New Jersey needs turnkey lab space, faster approvals to compete for life sciences users
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.
Space and pace
You may have heard by now about the rush for life sciences space in the wake of last year’s COVID-19 outbreak, which could still continue even after the virus is under control. New Jersey, of course, should stand to benefit with a deep pool of intellectual talent that rose to the occasion in the nation’s fight against the pandemic. That’s the good news, but tapping into that demand remains somewhat complicated.
