The life sciences industry and the real estate it occupies has positioned various hubs, including New Jersey, for continued expansion, according to a new report from CBRE.
That growth, CBRE said, has pushed several markets into its ranking of the top established and emerging life sciences hubs.
New Jersey ranked No. 4 among top life science clusters in the U.S. due to its 18.2 million-square-foot lab inventory and deep talent pool (No. 2 of all markets).
“Increased demand for lab space in New Jersey is being driven by companies involved in gene therapy, cell therapy, oncology, clinical trials and manufacturing,” Tom Sullivan, senior vice president in CBRE’s Central New Jersey office, said. “With diminishing supply, vacancy has dropped significantly over the past year. Continued strong demand likely will result in a tighter market for lab space in 2019.”
Here’s the Top 10 established life sciences markets, according to CBRE:
- Boston-Cambridge;
- San Francisco Bay Area;
- San Diego;
- New Jersey;
- Raleigh-Durham;
- Washington, D.C.-Baltimore;
- New York City;
- Philadelphia;
- Los Angeles;
- Chicago.
CBRE analyzed and ranked the hubs with four criteria: number of scientists in key industry categories, industry funding for local life sciences companies, size and long-term growth of life sciences workforce, and inventory of industry lab space.
To view the full report, click here.
