San Diego is the third largest life science market in the country. From 2006 to 2016, San Diego’s life science employment has increased to 13.5%, nearly double than the national average of 6.9%, according to research from CBRE. The market is poised for more growth this year, thanks to increased venture capital investment. In 2018, $2.3 billion of venture capital investment flooded into the San Diego market, double the investment activity in 2017. This investment activity is directly linked to the market growth.

The local economy has also benefitted from the life science activity, and in fact, the industry has become a major driver of local economic growth. “The industry alone accounts for more than $33 billion in economic impact and has provided the county with nearly 50,000 jobs,” explains Egli.

For users looking to lock in space in this tight market, Egli recommends curating a team with deep knowledge of the market and the industry. “The deals can be complicated with the capital investment required for tenant improvements and the actual time to select, design and build out the space,” he says. “Assembling the correct advisory team—architect, construction manager, attorney—will help expedite the process, reduce risk and make for a more seamless transaction so the tenant can focus on their science.”