SAN DIEGO—A recent study by the San Diego Regional Economic Development Council shows that research institutions have a $4.6-billion total economic impact on San Diego's economy. Last week, Mayor Kevin Faulconer revealed this information during a press conference at the Salk Institute for Biological Studies here.
Faulconer, Assembly speaker Toni Atkins, SDREDC and numerous business and civic leaders were present and spoke at the conference. The “Economic Impact of San Diego's Research Institutions” study was the first to measure comprehensively San Diego's scientific R&D cluster.
According to the report, research institutions impact roughly 37,000 jobs, and its economic impact equates to four San Diego Convention Centers, 34 San Diego Comic-Cons, six aircraft carriers or 33 US Open Golf Championships every year. Independent research institutes in San Diego receive more NIH research funding and generate more patents than counterparts in any metro area of the US, and all scientific R&D, including for-profit enterprises, generate $14.4 billion annually in economic impact—roughly equal to the region's visitor industry. San Diego is the most concentrated R&D market in the US, with an estimated $1.8 billion in federal and philanthropic research funding flowing to the region's research institutions every year.
The sector has also had a huge impact on the commercial real estate market in San Diego. Dan Ryan, EVP, regional market director and strategic operations for Alexandria Real Estate, tells GlobeSt.com, “San Diego's research institutions and their increasingly translational work form the foundation of our robust life science industry. We see the strategic importance of the institutions here, and communities around the country are desperately seeking to create what we have in San Diego. In the last five years, Alexandria has grown its San Diego portfolio from approximately 1.6 million square feet to nearly 4 million square feet today, demonstrating the increasing popularity of San Diego as a hub for innovative research.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
