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Princeton Enters Time of Economic Expansion

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The Princeton office economy had an initial boom in the early 1980’s with financial companies moving in from NY. This period welcomed the Baby Boomers into the workforce and propelled the Princeton office market with an average office growth per lease of 16,000 square feet. The 90’s saw international migration movements for research and development companies coming to Princeton and establishing flagship R&D centers, leveraging David Sarnoff and Princeton University research collaborations. The technological expansion period that occurred after 1990 led to 3.5% GDP and 7% fixed investment. Today, the GDP is 2.75% and fixed investment is 6%. This migration of international companies has continued through 2016 with pharmaceutical companies basing their North American operations in Princeton, including: Novo Nordisk, Solvay, Taiho, NEC, Sandoz, Sun Pharma, Evotech, Dr. Reddy, Aurobindo, and Otsuka. US pharma HQ locations such as: Bristol Myers Squibb, Janssen, Integra Life Sciences, and Advaxis also call Princeton their home.
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Princeton’s advantage is that it is a major melting pot of the world and the center of some of the most dynamic research and scientific minds in the country. This has allowed this community to continue to attract scientists, both nationally and globally, that are looking to create innovation that will change science, and this will continue to bring new business into Princeton.  
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Over the next twelve months Princeton should continue to experience an average growth of 1,000,000 square feet of office expansion per year offset by some continued consolidation and relocation movements (for 2016 this amounted to 350,000 square feet.)  To explore the supply and demand of office space in the Greater Princeton office marketplace and make predictions for the balance of the year please request NAI Fennelly's 2017 Princeton Office Space Report in the link listed: Market Reports.
 
Posted: 1/6/2017 2:19:57 PM

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