Intelligent Investment
New Jersey Market
Global Life Sciences Atlas
April 11, 2025 5 Minute Read
Overview
- The New Jersey life sciences cluster is one of the nation’s most mature, with deep, historical presence of the pharmaceutical industry. Almost 83,000 people work in the local industry, the fourth-largest workforce in the U.S.
- New Jersey has 18.9 million sq. ft. of life sciences lab/research and development (R&D) space, making it the fourth-largest market in the U.S. Another 1.1 million sq. ft. is under construction.
- Between 2019-2024, greater New York City/New Jersey metropolitan area life sciences companies secured roughly $12.5 billion of venture capital funding—the fifth-largest amount in the world.
- World-renowned universities (Princeton University, Rutgers University, among others) support its life sciences ecosystem, but strong depth of talent is what sets New Jersey apart.
- The National Institutes of Health (NIH) allocated almost $3.2 billion—the highest amount in the U.S.—in FY 2024 to organizations in the greater New York/New Jersey metropolitan area for healthcare and life sciences initiatives.
Submarkets
Industry Presence
- Almost 83,000 people work in New Jersey’s life sciences industry, the fourth-largest workforce in the U.S., comprising 3.0% of New Jersey’s total employment, more than double the industry’s U.S. concentration (1.4%).
- In the larger New York City/New Jersey metropolitan area, more than 43,000 people work in life sciences R&D roles, the second-largest research workforce in the nation.
- Greater New York City/New Jersey metropolitan life sciences companies secured almost $2 billion of venture capital funding last year.
Life Sciences Venture Capital Investment Trends
Figure 1: Life Sciences Venture Capital Funding
Life Sciences Market Stats
Figure 2: Market Overview
Development Pipeline or Activity
Figure 3: Lab/R&D Space Under Construction
Key Trends/Big News
- Leasing fell by 33% quarter-over-quarter in Q4 2024 to 85,000 sq. ft.
- The vacancy rate fell by 40 basis points quarter-over-quarter to 11.3%.
- Absorption of 92,000 sq. ft. in Q4 brought the annual total to 231,000 sq. ft.
- Tenant requirements remained flat quarter-over-quarter at nine tenants in the markets.
- AstraZeneca
- Abbvie
- Bristol Myers Squibb
- Genmab
- Johnson & Johnson
- Merck
- Novo Nordisk
- Novartis
- Pfizer
- Roche Molecular Systems
- New Jersey Institute of Technology (NJIT)
- Princeton University
- Rutgers University
- Stevens Institute of Technology
Global Life Science Markets
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The Boston-Cambridge life sciences cluster, reflecting the Greater Boston metropolitan area, is the premier location for the life sciences industry on the U.S. East Coast.
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The New York City life sciences cluster has demonstrated significant growth and momentum over the last several years. Almost 59,000 people work in the industry in New York City proper and its adjacent counties.
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The Philadelphia life sciences cluster is one of the most important in the U.S., with a strong, longstanding presence of the big pharma industry, and has also emerged recently as a top center for cell and gene therapy innovation.