PRINCETON, NJ—Pharmaceutical firms and the life sciences sector have been driving significant activity in the Princeton/Central New Jersey submarket for several years, but the market has slowed down considerably since 2016, and the service/business/legal sector have overtaken health sciences as the fastest expanding office sector, according to new research by NAI Fennelly, which has offices in Hamilton and Princeton.
In its just-published January 2018 Princeton Office Space Report, NAI Fennelly says net absorption of Princeton, NJ, office space was 768,532 square feet in 2017, off nearly 24 percent off from growth of 1.015 million square feet in 2016. 2016 was an exceptional year for the Princeton market, the first time since 2008 in which there was over one million feet of positive net absorption, NAI Fennelly says.
The average per-transaction growth declined year-over-year, from 5,050 square feet in 2016 to 3,694 square feet 2017. That's the first time the average transaction dipped below 4,000 square feet since 2010, the firm says.
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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 [email protected].
