Coming off a banner year in 2014, the San Diego life sciences market recorded sustained leasing activity during the first quarter of 2015. Companies at both early stage and later stage drug discovery continued to secure funding and see growth in operations. The public markets experienced a slow down in activity but San Diego biotech’s continued to see new IPO activity, highlighted by Cidara Therapeutics and, most recently aTyr, which plans to go public in May.
In January, the Obama administration outlined a $215 million Precision Medicine Initiative to further fund genomic research. Genomic leaders who attended the event included San Diego’s J. Craig Venter. Venter, the local San Diego genomics pioneer who has founded Synthetic Genomics and the J. Craig Venter Institute, most recently founded Human Longevity, a leading San Diego genomics firm. Human Longevity moved into its new 125,000 square foot facility in UTC during the first quarter of 2015.
Leasing activity during the first quarter of 2015 totaled 17 completed transactions, a 21 percent increase from the fourth quarter. This activity accounted for 399,450 square feet of gross leasing activity and 259,761 square feet of positive net company growth. After five consecutive quarters of positive net absorption, the first quarter of 2015 recorded 117,000 square feet of negative net absorption. This negative absorption can primarily be attributed to the 150,000 square foot facility in UTC that Amylin is vacating as the company shutters its local operations.
Click here to request a complete version of the Q1 2015 San Diego Life Sciences Insight.
Post on LinkedIn: The life sciences cluster recorded 17 lease transactions during the quarter, a 21% increase from Q4-2014 and an 11% increase from the same period a year ago. San Diego had 8 VC deals completed, totaling $149 million in capital raised – accounted for a 172% increase in dollars invested from Q4-2014. Share on LinkedIn
Tweet this: Strong #leasing activity continues in #SanDiego #lifesciences for Q12015. #Rental rates maintain peak levels. #CRE http://ctt.ec/Ue09a