February 2, 2016
San Diego’s life sciences market continues to be a major player, both nationally and globally, according to a new report from JLL. The sector is apparently poised for additional growth, as a result of well financed companies continuing to develop compelling technologies.
Among the findings of the report are:
• San Diego’s biotech sector continued to build on momentum from the prior year, with 1.7 million square feet of gross leasing activity, a 31 percent increase from the five-year annual average.
• Transactions for new build-to-suit facilities achieved rents in the mid $4.00 per-square-foot NNN range, a 10 to 15 percent increase from the end of 2014.
• Over the past 12 months, more than 800,000 square feet of office buildings were acquired by life science landlords, now actively re-positioning assets as new Class A wet lab facilities.
• Growth in 2015 was driven by such San Diego heavyweight companies as Illumina, Eli Lilly, Ignyta and Vertex Pharmaceuticals – which together signed leases for 632,000 square feet of net new growth.