The Greater Princeton Area is part of four major research centers in the nation; Palo Alto, California; Austin, Texas; Cambridge, Massachusetts; and Princeton. California has a total GDP of $1 trillion, New York and New Jersey GDP is $1.56 trillion and Austin and Cambridge $475 and $370 billion respectfully. Each area may have universities or institutions funding and working on new discoveries in specific categories.
A major category for Princeton is lasers (Photonics,) used in autonomous cars. Princeton University, and its commitment to seeking discoveries in science, complimented by mass transportation, and centrally located between Boston to DC, will keep our area a strong and competitive biotechnology market. The unique economy in The Greater Princeton Area comprises a market size of 25 million SF of speculative office and medical space, 3 million SF lab space, and over a 100 million SF of warehouse manufacturing space.
The area is complemented with Solvay, Novo Nordisk, Integra Life Sciences, BMS, Otsuka, J&J, and Aurobindo, who all call this area their North American Research and Development home. Generic drug companies will make Mercer County the Northeast hub for generic drug manufacturing and distribution. The completed Aurobindo building in East Windsor has 575,000 SF of office, lab, drug manufacturing and drug storage located at the entrance to Exit 8 NJTPK.
The Greater Princeton area is well-educated and internationally diverse. International companies are attracted by the intellectual capacity of Princeton University, and other research facilities such as Rutgers, David Sarnoff Center and the Institute for Advanced Study. Princeton University changed from a pure science and research 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 who may partner in a discovery, invention or redesigned business model. This year, and going into 2019, will bring an increase in office, warehouse and land values as construction accelerates with the easing of construction money and growth of companies in the Greater Princeton Area.
The future is strong for our area due to our 75-year history of being a research power-center for many of the world’s largest global brands.
NAI Fennelly, www.naifennelly.com. 609-520-0061.