PRINCETON, NJ—The life sciences industry is a driving force in New Jersey's economy, fueling the state through revenue and job growth. According to a report by Cushman & Wakefield, the life sciences industry contributes $47.5 billion to the state economy annually, 86% higher than the national average for this sector. Many of the world's largest life sciences companies are headquartered or have a major presence in the Garden State. Currently, there are 3,280 life science facilities in the state that employ more than 117,000 people in fields like pharmaceuticals, biotech and medical devices.

“New Jersey has a large, unique concentration of life sciences companies, as it contains the headquarters of 13 of the top 20 global biopharma companies in the Unites States,” says Jason Price, tri-state suburbs research director of Cushman & Wakefield. Half of FDA approvals “came from New Jersey-based life science firms in 2017, and the biotech employment rate has increased 12.6% in the past two years, which will continue to have a significant impact moving forward.”

Along with its overall economic impact, life sciences have a major influence across all office markets in the state. “Life sciences companies are attracted to the New Jersey's innovation ecosystem and workforce; 37% of the state's workforce holds at least a Bachelor's Degree, whereas the national average is only 30%,” says Robert Rudin, vice chairman of Cushman & Wakefield, who works in the firm's life sciences specialty practice group “The state also offers appealing incentives for qualified life sciences companies, including specific incentives created to support start-up and early stage ventures. In 2017 alone, $114.37 million in incentives were awarded to life sciences companies.”