NEW BRUNSWICK, NJ—Radical changes in how the pharmaceutical industry develops new drugs are having a significant impact on the kind of office space drug companies will use in the next several decades, James W. Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, an expert on demographic changes in the office market, tells GlobeSt.com exclusively.
Hughes, co-author with Rutgers Prof. Joseph Seneca of the Rutgers Regional Report, “Reinventing the New Jersey Economy: New Metropolitan and Regional Employment Dynamics,” tells Globe Street.com that New Jersey is likely to see some continued demand for administrative office space for corporate headquarters, but that research facilities are more likely to be situated near university centers of excellence in the life sciences, making cities like Boston, Cambridge, and San Francisco more attractive.
Hughes believes the market is likely to see more transactions like the sale of the Novartis research campus in Suffern, NY, reported last week by Globe Street.com. The old model in mergers usually meant that companies consolidated in the facilities of the acquiring company, but changes in the pharmaceutical industry's approach to research mean that is not always going to be the case, says Hughes.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at steve@statebroadcastnews.com.
