Big Pharma Gets Smaller

AsBig Pharma continues to contract and morph, perfect storm conditions prevail in the marketplace for R&D properties in New Jersey. So says Christopher E. Kinum, head of Cushman & Wakefield’s global life sciences practice. But he isn’t the only one—his industry colleagues provide similarly gloomy reports on the climate.

“Brokers who know the life sciences industry are all of the same general opinions,” says CBRE NJ’s Tom Sullivan, the national director for his company’s practice. “R&D property in any size has been depressed for four to six years, though not as depressed as it is right now. We’ve got some really major assets becoming available, and the fact is, the bigger the asset, the more difficult the challenge of ever repositioning it.”