In this article we will explore “Princeton vs. Bridgewater: Lab Space Comparison”
Selecting the site for your laboratory location is a critical success factor for any business. For businesses that undertake research and development, the location will always be a crucial aspect.
Two top locations in New Jersey are Princeton and Bridgewater. Both sites have something to offer for businesses of varying sizes and in various fields.
This comparison explores the lab space costs and other factors that can lead to choosing one of these locations to enable businesses to make better choices.
Why Princeton for Lab Space?
What makes Princeton different from just another city with a well-known university is that it is home to a top academic institution.
Having Princeton University (pictured above) is a strong selling point for the city, as many organizations seek to tap into this university’s talent pool.
Costs:
Leasing laboratory space in Princeton can vary depending on the age of the installation and existing infrastructure. Other factors include whether the space is a sublease or leased direct from a landlord. Costs vary and are typically quoted on a per square foot annual basis plus additional carrying costs which vary from property to property.
The city attracts tenants wanting a Princeton address due to the high demand and the strategic location. Businesses also rent the spaces to be near innovation and considerable academic activity.
High-End Facilities:
In Princeton, some of these facilities are technologically advanced as the laboratories are intended for complex R&D operations in diverse industries such as pharmaceuticals, biotechnology, and electronics.
Such facilities normally contain complementary features like heating/cooling, optimal security, and sophisticated scientific instrumentation.
Additional Financial Considerations:
In addition to rent, other costs that must be factored in as expenses include property taxes, utilities, insurance and maintenance costs. These costs differ depending on location and should be compared side by side for accurate annual gross occupancy costs.
Why Bridgewater NJ Lab Space?
Bridgewater (pictured above) is more focused on providing industrial and utilitarian workspace for laboratories.
Although it might not be as prestigious as Princeton, it makes up for it with practicality and location.
Pricing:
In Bridgewater, lab space costs vary depending on the age and type of existing infrastructure. Also, some properties have an additional central utility station that can increase the overall cost for additional rent. Each individual lab space costs are dependent on the type and age of the buildout, Pricing also varies depending on whether it is a space leased directly from the landlord or is a sublease from a tenant wanting to vacate their space.
Functional and Versatile Spaces:
Bridgewater research laboratory infrastructure may differ from that in Princeton regarding hi-tech and state-of-the-art technology requirements. However, they are well-equipped and versatile for various research activities.
Comparative Cost Analysis
Analyzing the costs between Princeton and Bridgewater vary depending on several factors. These include the age, existing infrastructure and condition of each individual laboratory space. Additional important factors to consider include the structure of the cost for utilities, real estate taxes, and common area charges. Some properties have individual systems for each space. Single tenant facilities converted to multi-tenant use may prorate costs depending on the percentage of the building a tenant occupies. These costs referred to as “additional rent” will greatly impact the total annual occupancy costs for each property.
1) Other important Factors to Consider
Princeton offers the opportunity to develop personal networks with academia and industries. This may open doors to opportunities that might be valuable in the future.
On the other hand, Bridgewater offers a convenient location as well as proximity to New York and Newark International Airport.
Strategic Business Considerations
Choosing between Princeton and Bridgewater should align with a company’s long-term strategic goals:
1) Industry Needs:
Organizations operating in sectors heavily relying on academic partnerships, like the biotech and pharmaceutical industries, may benefit more from the Princeton environment.
On the other hand, institutions and enterprises focusing on manufacturing and delivery may appreciate Bridgewater’s utilitarian products and transportation benefits.
2) Growth and Expansion:
Regardless of which area you select Princeton or Bridgewater, leasing space in a property such as a research park will avail you the opportunity to expand. Cost factors, as previously mentioned above, must be evaluated separately for each individual space . Increases in annual operating expenses also vary and may be structured as annual percentage increases or based on actual costs incurred to operate the building
Conclusion
Choosing between Princeton and Bridgewater as the location for labs entails comparing the organization’s objectives’ costs, resources, and utility.
Princeton provides a well-known site that is less likely to be a recruiting hurdle. It presents good partnerships and easy access to a pool of educated employees. For firms hoping to capitalize on research collaborations and venture capital, locating in the academically dense geography of Princeton might be more advantageous
Bridgewater does not have a prestigious academic reputation . However, it offers an interesting option for research parks with mixed use occupancy and opportunity for growth.
Finally, each business must make their decision based on how each location’s offerings can cover the needs in the short and long run.
With this solid analysis, any business can make a very informed decision, thus paving the way for success in their field of business.
This blog is for informational purposes only and not to be perceived as professional advice. Real estate trends change over time. It is best to consult a local real estate expert for up-to-date information.
Please call for more information about current available lab space for your life science company in New Jersey.
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Jeanne Sabo-Rothenberg, CCIM
Commercial Advisor
eXp Commercial
Cell: (908) 377-9004
https://www.commercialrebroker.com/
jeanne.sabo@expcommercial.com