February 14, 2017
San Diego’s hot life sciences sector slowed down in Q4 2016, though for the year the segment recorded a 16% increase in square feet leased over the five-year annual average. According to research by JLL, the number of completed leases in 2016 increased 11% over the five-year average.
Other key findings include:
- Cluster accounted for 1.5 million square feet of total gross leasing activity among 65 completed transactions in 2016
- By comparison, 70 million square feet was leased in 2015, spread among 62 completed leases.
- Total availability rate ended Q4 2016 at 10.9%, representing a 70 basis point decrease from previous quarter and a 30 basis point decrease from same period in 2015
- Torrey Pines continues to lead all submarkets, with lowest availability rate at just 5.9%
- During the past two years, UTC/Campus Point submarket’s inventory base experienced more growth than all of other life science submarkets combined
For comments, questions or concerns, please contact Dennis Kaiser