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Princeton Reacts to Pharma Contractions

PRINCETON, NJ-While the submarket is feeling the effects of Pfizer's retreat, along with other non-pharma companies, the area remains a favorite for its strong labor pool.

By Alyson Grala | Updated on November 19, 2009

PRINCETON, NJ-Throughout New Jersey, businesses are continuing to contract, leaving unprecedented amounts of office space available. Even big pharma, one of the mainstay industries of Central New Jersey, has undertaken mergers and out of state relocations, leaving large amounts of commercial space and thousands of jobs in its wake.

“And since the bottom line for commercial real estate is jobs, the market has been thrown into disarray,” says Vincent Marano, COO of National Business Park, managers of College Parks at Princeton Forrestal Center and the Southgate Corporate Center in Morristown.

To his point, Pfizer Inc. announced last week that it plans to close its Princeton R&D campus. According to a company release, the pharma giant will consolidate to five main research sites in Cambridge, MA; Groton, CT; Pearl River, NY; La Jolla, CA; and Sandwich, UK and three research-oriented labs in San Francisco, Cambridge, UK and Shanghai, China.

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