Research & development (R&D) are the pillars of innovative technologies continuously implemented in several industries, such as medicine and electronics. Selecting the research and innovation location can be tactical for organizations that want to be ahead of the competition or even control the market, New Jersey can be considered a state overshadowed by New York. However, here are several persuasive arguments as to why it should be the location of choice for businesses to lease out lab space for R&D purposes.
Strategic Location
New Jersey has an ideal strategic location, especially for businesses, given that it is in the heart of the Northeast Corridor.
Being a highway state, it can easily access numerous business and learning institutions, corporate centers, and manufacturing areas such as New York and Philadelphia.
This approach makes communication and networking easier, which are crucial factors for creativity and development of new research in the field of R&D.
Thriving Biotech and Pharmaceutical Hub
New Jersey is also popularly called the ‘Medicine Chest of the World’. More than 3,000 companies in life sciences are located here, including 14 of the largest pharmaceutical firms in the world.
This environment makes companies more dependent on each other but simultaneously encourages innovation and opens numerous possibilities for cooperation and partnerships.
These industry titans also provide an adequate supply chain, critical to undertaking R&D exercises.
Talent Pool
New Jersey has shown a great commitment to offering quality education, as highlighted by its ranking and being among the premier education states in the United States.
Some prime educational institutions in New Jersey include Princeton University, Rutgers University, and the New Jersey Institute of Technology. In New Jersey, there is a highly skilled workforce, especially in the areas of engineering, pharma, and biotech.
This makes it possible for companies in New Jersey to source professionals who are diverse, talented, and capable of taking the company’s R&D to the next level.
Quality of Life
New Jersey has a friendly business climate. Beautiful countryside, attractive cities, and rich cultural life also contribute to it’s appeal. Talent attraction and management are critical to the success of a business.
These aspects of quality-of-life guarantee that the employees of the state live a balanced life, hence enhancing productivity and contentment.
Cutting-edge Infrastructure
New Jersey has well-developed physical facilities appropriate for high-technology R&D. For example, the New Jersey Innovation Institute (NJII) highlights specific R&D parks for research-oriented companies.
These facilities include all the technologies and features required for biomedical research, engineering, and other sciences.
Regulatory Support
The state government is very active in ensuring that a favorable legal structure is available to support the life sciences and tech markets.
They make procedures more efficient in support of the R & D work so that firms shall spend less time and effort in time-consuming policy frameworks.
These approaches are important to support new and existing business entities, especially those wishing to work quickly.
Networking and Collaboration Opportunities
New Jersey is filled with networking and collaboration opportunities, unlike several other regions, Many people in the talent pool know each other and have worked at the same companies at some point in time. This adds to the appeal of New Jersey as the familiarity that many employees have with each other. Industry conferences, workshops, and seminars are common occurrences that facilitate networking and information-sharing opportunities.
These meetings are critical in placing ideas, encouraging innovation and identifying new business opportunities in a given market.
Real Estate Options
The New Jersey real estate market is flexible in terms of leasing lab spaces, with solutions ranging from startups to multinational firms.
From a startup company requiring a small lab in New Jersey to a multi-billion-dollar pharmaceutical company requiring a large research and development building, the state offers flexibility that can meet all needs in terms of space.
Intellectual Property Protection
New Jersey also offers a strong legal environment for protecting intellectual property matters that will be helpful for the R&D firms seeking to protect their innovations.
This legal protection is also supported by many local patent and law attorneys. These firms are knowledgeable in IP laws and regulations relating to filing a patent, copyrights, and other legal provisions that apply to the R&D industry.
It creates an environment that encourages constant innovation, which makes New Jersey a more attractive location for research and development activities.
Access to Venture Capital
New Jersey has made a good showing in attracting venture capital, especially in healthcare and biotechnology.
This is especially important for R&D firms because they require continuous capital to underwrite their research projects. This suggests that investors are willing and able to invest in the state due to the emergent environment it has provided.
Final Words
Rental of lab space for research and development in New Jersey has several other benefits besides the commonly known ones.
From the strategic positioning and well-developed transportation system to the available human capital and favorable state policies, New Jersey is an ideal location for companies that seek growth and breakthroughs.
Forward-thinking firms interested in expanding their R&D efforts have opportunities to find the space to do so in New Jersey.
*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 laboratory space in New Jersey.
Jeanne Sabo-Rothenberg, CCIM
Commercial Advisor
eXp Commercial
Cell: (908) 377-9004
https://www.commercialrebroker.com/
jeanne.sabo@expcommercial.com