Printer Friendly

Demand remains strong for Princeton R&D space.

Space shortage might seem like a contradiction in terms given the current state of the New Jersey office market, but the fact of life in the Princeton Route One corridor is that there is very little contiguous space of over 40,000 square-feet available.

At College Park, we have had no real let up in demand for space. The name Princeton still is magic for domestic and foreign research and development firms.

Traditionally research firms have been drawn to the area by access to the resources of Princeton University, proximity to each other, and the unique quality of life available in the area communities. Despite the downsizing and consolidation that have become commonplace in many other industries, these high-tech organizations have continued to expand.

More than 90 percent of our new leases involves research and development firms."

Among the "high-tech" arrivals to College Park are Carl Zeiss, the German optical firm that has established a laser research center; Hitachi, which has opened an HDTV research facility; Advanced Surgical Inc. and Cytogen which has created bio-technical laboratories at the center.

During 1991, we leased over 86,000 square-feet of space at College Park and are now operating at better than 90 percent occupancy. The 80,000 square footage that remains in the park is virtually the only large block of prime space now available in the traditional corridor, and no new construction is scheduled in the area for the immediate future.
COPYRIGHT 1992 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Review and Forecast, Section II; research and development office space, Princeton, New Jersey
Author:Tomai, Tim
Publication:Real Estate Weekly
Date:Jun 24, 1992
Previous Article:New opportunities emerge for NJ commercial.
Next Article:Long-term growth seen for NY after consolidation.

Related Articles
Leasing keeps pace with NJ inventory growth.
Despite new construction, Princeton remains a tight market.
Princeton office market remains on solid ground.
New Jersey commercial markets positioned to thrive in 2001.
Insignia report: New Jersey experiencing a 'tenant's market'.
Princeton enjoying boom in speculative development.
Princeton market experiencing boom in spec development.
Princeton enjoying boom in speculative development.
Slow but steady goes office market in northern NJ.
Diverse office market remains flat in northern Jersey.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters