The Greater Princeton Area is part of four major research centers in the nation: Palo Alto/San Diego CA., Austin TX, Cambridge Mass, and Princeton NJ. California has a total GDP of $1 trillion, New York and New Jersey GDP is $1.56 trillion, and Texas and Massachusetts $475 and $370 billion, respectively. Each area has universities or institutions funding and working on new discoveries in specific categories. For instance, Princeton is lasers (photonics) used in autonomous cars. The Princeton Neurology Institute located at Princeton University may spur companies in the stem cell research field. MIT has a stronger grasp on robotics research and hence artificial intelligence. The recent competitor to Princeton, on the East Coast, for office/lab space demand is Cambridge, Massachuetts, or the greater Boston area, which recently attracted Bristol-Myers Squibb for 208,000 square feet and Shire Pharmaceuticals for 150,000. Although it is a comparison of “Big City Boston” compared to “Big Town Princeton,” mass transportation and proximity to New York and Philadelphia, and its commitment to seeking discoveries in science, will keep Princeton a strong and competitive technology market. Princeton is comprised of a market size of 25 million square feet of speculative office and medical space and 3 million square feet of speculative technology or lab space built out within the last 15 years. It is complemented with Solvay, Novo Nordisk, Integra Life Sciences, BMS, Otsuka, J&J, and Bracco Research, who all call this research area their North American home. The population has come from a well-educated, internationally diverse population usually related to the pharmaceutical industry. These companies are attracted by the intellectual capacity of Princeton University and other research facilities such as Rutgers, the Sarnoff Center, and the Institute for Advanced Study. Generic drug companies will also make Mercer County their Northeast hub for manufacturing and distribution. The soon to be completed Aurobindo building in East Windsor has 575,000 square feet of office, lab, drug manufacturing, and drug storage located at the entrance to Exit 8 on the NJ Turnpike.
Princeton University changed from a pure science research institution to having the ability to act as a venture capitalist monetizing long-term royalty income from successful medical products, pharmaceuticals, or photonics. This should attract bio and large international pharma companies and inspire their alumni and staff to work at the brand new 30,000 square foot Princeton Bio Labs, where a scientist can rent a single hood, bench, and equipment to conduct research on a short-term basis. The Greater Princeton area will continue to see growth and maintaining it as one of the stronger economic engines in the state of New Jersey.
NAI Fennelly. 609-520-0061. www.fennelly.com