Amid macroeconomic challenges, life sciences companies in New Jersey are actively seeking out Class A office and R&D/lab spaces through early 2023, according to a Life Sciences Industry Insight published by JLL. This flight-to-quality trend has attracted established companies like AbbVie, Bristol Myers Squibb and Sanofi who have relocated within the state to accommodate their new workplace strategies.
Sanofi’s lease of 260,000 square feet at M Station West building in Morristown was the largest transaction completed in Q1 2023. The pharmaceutical company will relocate its operations from Bridgewater between late 2024 and early 2025. Relocations and consolidations by life sciences companies have led to an increase of sublease space availability during this period with AbbVie offering 154,440 square feet at 5 Giralda Farms Madison as well as 250,000 square feet previously subleased by Bristol Myers Squibb at the same location.
