February 14, 2017 Comments Off on Life Sciences Sector Takes a Breath? Views: 284 California News, San Diego

Life Sciences Sector Takes a Breath?

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

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