SAN DIEGO, CA—A new report from Savills Studley Research indicates that the San Diego market remains on a “slow but steady recovery” path, and that the pharmaceutical life science, and tech sectors are growing, while defense shrinks. The San Diego Office Secort Report (Q2), indicates a variety of gains and struggles.
During 2013, 32,600 people were added to payrolls in San Diego County, and the professional, scientific and technical services sector registered the strongest year-on-year growth.
This sector has gained 6,700 jobs since March of 2013. These gains have been tempered by contraction in the region's defense industry, Savils says.
Pharmaceutical and life science companies have accounted for most of the expansion activity occurring in the market, as well as demand for new product. AltheaDx, for example, signed a 69,808-sf lease for a new headquarters at 10578 Science Center Drive in Torrey Pines. The life science and development firm will move from Sorrento Valley, where it currently occupies 21,000 sf.
The report adds that California is still struggling to stem the loss of major employers to other states, Texas in particular.
In the last few months, Texas has lured Websense (San Diego) and Toyota (Torrance) with grants of $4.5 million and $40 million, respectively.
The report also indicated that overall leasing activity has slowed in San Diego during the last four quarters.
SAN DIEGO, CA—A new report from Savills Studley Research indicates that the San Diego market remains on a “slow but steady recovery” path, and that the pharmacuitical life science, and tech sectors are growing, while defense shrinks. The San Diego Office Secort Report (Q2), indicates a variety of gains and struggles.
During 2013, 32,600 people were added to payrolls in San Diego County, and the professional, scientific and technical services sector registered the strongest year-on-year growth.
This sector has gained 6,700 jobs since March of 2013. These gains have been tempered by contraction in the region's defense industry, Savils says.
Pharmaceutical and life science companies have accounted for most of the expansion activity occurring in the market, as well as demand for new product. AltheaDx, for example, signed a 69,808-sf lease for a new headquarters at 10578 Science Center Drive in Torrey Pines. The life science and development firm will move from Sorrento Valley, where it currently occupies 21,000 sf.
The report adds that California is still struggling to stem the loss of major employers to other states, Texas in particular.
In the last few months, Texas has lured Websense (San Diego) and Toyota (Torrance) with grants of $4.5 million and $40 million, respectively.
The report also indicated that overall leasing activity has slowed in San Diego during the last four quarters.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
