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California  + San Diego  | 

Life Sciences Continues to Drive Growth in San Diego

Cushman & Wakefield’s newly released report, “San Diego Life Sciences Industry Spotlight: Mid-Year 2017,” uncovers the the key trends driving the San Diego region’s important life sciences sector, as well as its impact on commercial real estate.

The life sciences inventory makes up 7.6%, or 18.2 million square feet, of all inventory across San Diego County, making it a vital component of the regional economy to monitor. In fact, the direct economic impact of the life sciences industry is $33.6 billion, with an additional $19.4 billion indirectly added and $11.2 billion induced by income received by employees.

Report takeaways

  • Fundamentals continue to improve, as a result of increased demand for space coming to the San Diego region.
  • With 210,372 square feet of positive absorption through Q2 2017, vacancy in the sector continues to decrease and landed at 6.5%.
  • Asking rental rates for life sciences properties are 60% higher than average office rates
  • Nearly 44,000 people are employed in the life sciences industry in San Diego. Life sciences employment expanded by 13.1% annually, compared to growth of just 1.9% for all jobs in San Diego.
  • Healthcare continues to be the most heavily-funded sector in San Diego, receiving 64% of all venture capital funding in the first half of 2017.
  • Many U.S. companies have taken advantage of San Diego’s proximity to Mexico, where medical device manufacturing is inexpensive and high-quality.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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