New Jersey has the fourth-largest life sciences cluster nationwide, CBRE said, trailing only the Bay Area and Los Angeles regions of California, and the Boston/Cambridge, Massachusetts, area. Top submarkets include the Princeton/Route 1/Cranbury cluster and Interstate 78 corridor, CBRE said.
“When you look at the landscape of investment opportunities within the commercial real estate sector, few asset classes offer as compelling a case for near-term optimism as the life sciences industry,” Scott Marshall, CBRE’s president of advisory & transaction services/investor leasing, said in a statement.
Likewise, the Garden State is one of the world’s Top 10 innovation hubs, with more than 120,000 highly educated workers and more than 1,000 biopharma firms, the report found. In 2015-2017, New Jersey-headquartered firms accounted for 29 percent of FDA-approved drugs, CBRE added.
“With its unique combination of biopharma manufacturing and drug development R&D, New Jersey is now poised for renewed growth over the next 5-10 years,” Tom Sullivan, senior vice president of CBRE’s Life Sciences Group, said in a statement.