NAI Fennelly Sees Service, Business, Legal Office Sectors Overtaking Pharma in Central NJ

Gerard (Jerry) Fennelly, president of NAI Fennelly, Princeton, NJ

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.