After the Greater Boston and San Francisco Bay markets, San Diego continues to strengthen its position as North America’s third largest life sciences market cluster. The life sciences cluster is a major driver of San Diego’s innovation economy. Firms Invested Nearly $2.5 Billion in 2021. The region is home to more than 1,225 life sciences companies and more than 80 independent and university-affiliated research institutes.
The global life sciences industry has been on the rise, growing more rapidly than ever over the past decade; its trajectory only strengthened throughout 2021 and going into 2022. In the past 24 months, rental rates has seen increases ranging from 25%- 40% across submarkets with tenant improvement allowances increasing to attract occupiers and
lab build-outs.
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