SAN DIEGO—Genomics has the promise of significant new job growth, which always translates into demand for commercial real estate space since companies will need the space to accommodate growth, CBRE EVP Bill Bacon tells GlobeSt.com.

Personalized medicine and technology are shaping the future of healthcare as we know it, with San Diego's genomics companies, research institutions and universities at the forefront. Quantifying this impact, San Diego Regional EDC recently released the first-ever study on the San Diego region's genomics industry, which the organization completed along with CBRE. “Cracking the Code: The Economic Impact of San Diego's Genomics Industry” includes a comparative analysis of the top ten US metros for life sciences, as well as an assessment of local genomics-related firms, jobs, venture capital and more.

Behind the data is a story of how this once nascent sequencing technology is now shaping the future of global medicine and discovery, but also how it has altered the DNA of the entire San Diego region. We spoke with Bacon—who has been involved in more than 1.1 billion square feet of transactional space with institutional clients in the financial-services, technology and biotech, public-utilities and public-agency sectors—about how the genomics industry is affecting San Diego real estate.

GlobeSt.com: What impact will the genomics industry have on San Diego's real estate industry?

Bacon: Job growth always translates into demand for commercial real estate space, and genomics has the promise of significant new job growth. In the recent study released by San Diego Regional EDC, in partnership with CBRE, seven out of 10 genomics employers said they expected to add to their workforce in the next 12 months. In 2016, there were 2,940 unique genomics job postings in San Diego. The industry is poised to grow quickly, and companies will need the space to accommodate growth.

GlobeSt.com: Will new sectors of the industry benefit from genomics aside from the life-sciences and biotech sector?

Bacon: Major players in the technology, data-storage and communications industries are already engaging with genomics companies, either as partners, financial backers or service providers. Genomics is as much data science as traditional life science, and the industry is overcoming massive data-storage and analytics challenges. Traditional tech companies and financiers are starting to see the opportunity as well.

GlobeSt.com: How will genomics change the design, investment and/or use of life-sciences and biotech space in San Diego?

Bacon: The analytics part of genomics will require software engineering and related talent; thus, the genomics industry will compete with other technology sectors who are recruiting the same kind of talent. There will be less demand for traditional laboratory space, as genomics is more about data analytics and secure data networks and storage. We are also seeing genomics and radiology converge toward innovative new treatment methods. This will lead to less lab and more tech-like R&D and office space, which will likely include other radiological and medical-diagnostic technologies.

GlobeSt.com: What else should our readers take away from this report?

Bacon: Genomics and the personalized-medicine revolution will disrupt many portions of the traditional medical/clinical industry. It's important to remember that we are still very much in the early stages of this technology reaching commercial platforms, so there will likely be unforeseen disruptive applications and effects.

Instant Insights /

How the Genomics Industry Is Impacting SD Real Estate

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