“Just within the last few weeks,” Romano says, “we have had very nice things happening in this market.” He said that the recent leasing of 100,000 square feet of office and lab space at the Princeton Forrestal R & D park by Dr. Reddy's Generic pharmaceutical company was a “huge deal” for the market.

Dr. Reddy's took space at 107 College Road East. which had been the former home of Bracco Diagnostics. Bracco moved to specially renovated space at Matrix Corporate Center off Exit 8A of the New Jersey Turnpike, notes Romano. Named as Colliers' executive managing director earlier this year, he has a 17-year career history in the Princeton area market.

“We are seeing more tenants out looking right now,” Romano says. “There is still the occasional downsizing. But I like to look in the more positive way, at growth and movement.” He said the leasing of lab space by Dr. Reddy's was particularly encouraging, since there has been scant call for labs in the past few years.

There is currently 70,000 square feet available at 750 College Road East, a building purchased at a foreclosure auction last summer by ML7, Jeffrey Siegel's investment company based in the area. Colliers NJ is currently marketing a 53,000-square foot lab facility at 1 Research Way that has been available for more than a year.

"With the move by Dr. Reddy's, the new headquarters for Novo Nordisk at the former Merrill Lynch property in Plainsboro, two hotel/conference centers opening along Scuders Mill Road, there is new energy and opportunity to attract tenants for these spaces," Romano says.

The continuing stalwart presence of the pharma giant Bristol Meyers-Squibb along with Princeton University provides underlying strength in the Princeton market, in Romano's view; the opening of the new University Medical Center of Princeton at Plainsboro last May is also helping to generate growth.

“Lab aside, I believe the attraction of Mercer County is the high-quality employee pool,” says Romano. The unemployment rate in the county has been hovering at about 7.7%, which is what the national rate dropped to in February, while the overall jobless rate in New Jersey was most recently pegged at 9.5%.