SD’s Life Sciences Sector Seeing Sustained Momentum

It’s baseball’s spring training, so we’re leaning into a known phrase: “If you hire them, they will come.” (Sure … it’s no “Field of Dreams” but spring is in the air.) 

A recent report from CBRE shows that job growth in the life sciences and/or biotechnology sectors usually signals a pending demand for more physical laboratories and other research facilities. Meaning life sciences geographic hubs, such as San Diego, may well see a boost from this hiring trend.

CBRE, itself, leaned into the U.S. Bureau of Labor Statistics to surface that hiring in the life sciences sector is “brisk” – momentum that seems sustained. Details are over here; some highlight takeaways are here:

• The sector’s headcount increased 5.3 percent in January from a year earlier, outpacing overall national job growth of 4.7 percent in that span 
• Even spicier is the subsector of biotech research and development, which notched 11.5 percent growth for the year

• CBRE calculates a 91 percent positive correlation in the San Diego market between life sciences job growth and average asking rents for lab space. 
• The San Diego area’s life sciences employment grew to 68,698 in 2020 from nearly 61,579 in 2016.