Life Sciences Outlook. New Jersey 2015

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1 Life Sciences Outlook New Jersey 2015

2 New Jersey M&A activity in New Jersey has led to the consolidation of surplus real estate holdings and diminished head counts. However, midsized companies are helping to fill this void as they seek additional space to accommodate their expanding business lines. The large concentration of peer companies located in this market, combined with a highly skilled workforce replenished by graduates from local universities, has historically attracted life sciences companies to the state. Major lab supply: Clusters of established lab stock with long-time industry presence Bronx Queens 4 Emerging lab supply: Areas with limited lab stock today that are poised for growth 78 Brooklyn Staten Island Life Sciences manufacturing supply: Clusters of manufacturing space devoted to pharmaceutical, biological or medical device & instrument manufacturing Northern New Jersey Northern New Jersey, including Bergen, Essex, Hudson, Morris and Passaic counties, is the less dense of the two markets. The owner-occupied and leased lab inventory totals approximately 3.8 million square feet. Roche s Clifton/Nutley research campus formerly represented one of the largest concentrations of lab space in this market. However, after acquiring Genentech and relocating its U.S. headquarters to San Francisco in 2009, Roche ceased operations at the campus in In early 2015, Hackensack University Health Network and Seton Hall University announced plans to open the first private medical school in New Jersey in 50 years on a portion of the campus. Scheduled to open in fall of 2017, the new school will occupy approximately 500,000 square feet in two buildings at the site. Central New Jersey More than three-quarters of the R&D/lab space in the state is focused in Central New Jersey. Totaling nearly 12.5 million square feet, this market is almost equally split between leased and owner-occupied R&D/lab facilities, utilized for research, manufacturing and support operations. Most of the inventory is focused along the Route 1 corridor from North Brunswick south to Princeton, the Bridgewater area in Somerset County and Kenilworth/Summit in Union County. JLL New Jersey Life Science Outlook

3 Economic scorecard Workforce Total life sciences % life sciences to private employment Year-overyear growth Employment 76, % -0.6% Establishments 1, % -0.6% Funding Total life sciences % to total U.S. VC funding $149.1M 1.1% NIH funding $222.6M 0.4% Innovation Total life sciences % to all patent classes Patents* 1, % *Includes NYC totals Cluster score: 35.8 Though still a major employer, life sciences employment in the state has trended lower during the past several years in the wake of consolidations and mergers among the larger pharmaceutical companies. This activity will continue to reshape the local life sciences industry as companies look to diversify their business lines, increase revenue and gain market share. Despite recent M&A activity, the pharmaceutical and medicine manufacturing business sector comprises a large portion of the state s workforce, as companies tap a pipeline of recent graduates from local colleges and universities. Among the companies in this sector maintaining a large presence in New Jersey are: Bayer HealthCare, Bristol-Myers Squibb, Johnson & Johnson, Merck, Novartis and Pfizer. Life sciences employment composition 27.0% 15.0% Life sciences employment 76, % 13.0% 30.0% 9.0% non-lab using lab using Pharma & medicine manufacturing Electromedical instrument manufacturing Medical equipment & supplies manufacturing Testing laboratories Research & development Medical & diagnostic laboratories Life sciences patents by classification 27.0% 1.6% Life sciences patents 1, % Medical equipment & instruments Pharmaceuticals & biotechnology Crop science The local life sciences industry is transitioning from one whose growth was formerly driven by larger pharmaceutical players to one where demand is driven by mid-sized pharmaceutical, biotechnology and generic drug companies. Growing biotech companies have been able to tap the pool of skilled employees that were downsized following mergers among the larger companies. JLL New Jersey Life Science Outlook

4 New Jersey Northern New Jersey New medical school will attract talent and NIH dollars for research Hackensack University Health Network and Seton Hall University signed a letter of intent for a medical school on a portion of the former Roche research campus in Clifton/Nutley. Scheduled to open in fall of 2017, the new school will occupy two buildings at the site. Generic drug company Actavis, which operates from Parsippany, vaulted to one of the top 10 pharmaceutical companies in the world by market value after acquiring Allergan for $66.0 billion. Actavis also announced plans to bring 400 jobs to the state following its purchase of Forest Laboratories in mid Among the largest life sciences leases recently signed was Novartis Consumer Health s renewal of 159,404 square feet at 200 Kimball Drive in Parsippany, while Merck s Animal Health division leased 150,000 square feet at 2 Giralda Farms in Madison. Facilities scorecard Supply Rentable lab stock (% of total stock) Direct vacancy (Change year-over-year) Northern NJ Major lab 2.3 m.s.f. 60.8% 32.0% (11.4) ppts Central NJ Major lab 6.0 m.s.f. 47.9% 15.3% (0.1) ppts # of large blocks over 100,000 s.f. 4 7 Under construction (s.f.) m.s.f. Demand # of requirements Total s.f. requirements Pricing Average asking rent (NNN) (Change year-over-year) m.s.f. $11.39 p.s.f. (15.6)% m.s.f. $18.30 p.s.f. (2.2)% Central New Jersey Mergers and acquisitions create space for new entrants Valeant Pharmaceuticals acquired Salix Pharmaceuticals for approximately $11.0 billion and will add 500 jobs at its U.S. headquarters in Bridgewater to accommodate expanding operations. Irish biotech company Shire PLC acquired Bedminster-based NPS Pharmaceuticals for $5.2 billion in early Basking Ridge-based Regado Biosciences is merging with Tobira Therapeutics, with the new company based in South San Francisco. Life sciences relocations out-of-state continue to lighten New Jersey s medicine chest. GE Healthcare announced plans to move its Life Sciences division from Piscataway and Princeton to a new campus in Marlborough, Massachusetts. Bristol-Myers Squibb will consolidate its Plainsboro and West Windsor operations into a new 650,000-square-foot office building in Lawrenceville, while Celgene broke ground on a 1,000-square-foot expansion at its Summit campus. HACKENSACK UNIVERSITY HEALTH NETWORK / SETON HALL Former Roche Nutley Campus Northern NJ/Route 80/23/46 500,000 s.f. Medical school SANDOZ, INC. 100 College Road West Central NJ/Princeton 154,100 s.f. Office lease Activity key: Leasing Sales CELGENE 86 Morris Avenue Central NJ/Route 78 1,000 s.f. Headquarters expansion MERCK & COMPANY 2 Giralda Farms Northern NJ/Route ,000 s.f. Office lease Under construction Large blocks of space JLL New Jersey Life Sciences Outlook

5 For more information, please contact: Steve Jenco Vice President, Suburban Tri-State Research +1 (201) About JLL JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit About JLL Research JLL s research team delivers intelligence, analysis and insight through market-leading reports and services that illuminate today s commercial real estate dynamics and identify tomorrow s challenges and opportunities. Our more than 400 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries, producing unrivalled local and global perspectives. Our research and expertise, fueled by real-time information and innovative thinking around the world, creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions. This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without prior written consent of Jones Lang LaSalle IP, Inc. COPYRIGHT JONES LANG LASALLE IP, INC. 2015

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