The life sciences sector has produced significant growth throughout 2014 and is driving much of the space demand within the central San Diego submarkets. Employment within the sector began the year at just under 48,500 employees and is forecasted to be above 51,300 by the end of 2015; producing a 5.8 percent growth in the sector compared to the 3.6 percent job growth forecasted among all San Diego sectors combined. The life sciences real estate cluster has felt the benefits of the growing labor market and total availability ended the third quarter at 11.4 percent, a 460 basis point drop from the same period in 2013. Tenant demand has been exceptionally strong throughout 2014. During the first three quarters of the year, the San Diego life science cluster recorded 1.1 million square feet of total leasing activity, which produced over 615,000 square feet of positive net tenant growth. To put this in to perspective, the five year annual average for leasing activity within the life sciences cluster is 940,000 square feet – 2014 has already recorded 17 percent more leasing activity with deals from the fourth quarter still to be counted.
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Post on LinkedIn: The total availability rate for San Diego’s life sciences cluster (Torrey Pines, UTC, Sorrento Mesa, Sorrento Valley) ended the quarter at 11.4 percent, recording a 20 basis point decrease from the previous quarter. http://bit.ly/1zA6TbQ
Tweet this: Leasing activity for the Q4 of 2014 & the forecast for 2015 remain positive for the #lifesciences in #SanDiego #JLL http://bit.ly/1zA6TbQ