San Diego Life Science Market Report

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1 SECOND QUARTER 2015 San Diego Life Science Market Report Partnership. Performance. Avison Young - San Diego 4225 Executive Square, Suite 600 La Jolla, CA

2 SECOND QUARTER 2015 San Diego Life Science Market Report Partnership. Performance. Market Snapshot Rental Rates for Central and North Coast Life Science Market Overview Demand For Life Science Space Drives Pricing Up Life science companies have a significant impact on demand for office and flex space in San Diego. San Diego is home to over 600 life science companies, employing 42,000 people in the industry, making it one of the top three cities in the United States supporting biotechnology related employment. Life science companies make up the majority of IPOs that come out of San Diego, and also attract the majority of venture capital revenue that comes into the city. As this funding fuels growth, demand for very specific real estate criteria brings prices up, specifically in areas located near universities and other major research institutions, notably in Torrey Pines and the adjacent submarkets, and increasingly the Carlsbad area. San Diego s reputation in the life science sector is a major contributor to its ability to produce, recruit and retain a highly educated workforce. Vacancy Rates for Central and North Coast Life Science As demand for Life Science space increases, it is becoming more challenging to accommodate a variety of space needs within the existing supply of inventory. In the second quarter of 2015, vacancy tightened significantly while rents continued to edge their way up. The Life Science sector is primarily vying for the high volume of buildings that were delivered in the previous two decades, while older properties are becoming less competitive and will require renovations to keep up with modern technological demands as well as regulatory requirements that continue to evolve. In the second quarter of 2015, overall vacancy rates for the primary life science properties in San Diego s Central Coast and North Coast reached 6.7%, down from 9.5% at the same time in the previous year. Vacancy rates haven t been lower than this since pre-recession. At the submarket level, Torrey Pines, Sorrento Mesa, and Carlsbad are hovering at consistent vacancy levels and nudging down over the last year. Meanwhile, vacancy in UTC, with its smaller inventory base, has come down in 2015, bringing its vacancy closer to the rest of the Central Coast. Sorrento Valley continues to see fluctuations, trending up in vacancy, as current availability consists of the smaller spaces on the market. Absorption for Central and North Coast Life Science Rental rates for the second quarter of 2015 have risen to $2.16 psf, up modestly from the $2.12 psf that was seen at the same time one year ago. Current rents are now beginning to exceed pre-recession levels for San Diego s Central Coast and North Coast. Torrey Pines is leading the market s rental pricing with $3.85 psf, while UTC is close behind with $3.05 psf. Sorrento Valley, Sorrento Mesa, and Carlsbad have remained at consistent levels for the past several years, and are now at $2.31, $1.68, and $1.40 respectively, with Sorrento Mesa the only submarket to dip down slightly. San Diego s commercial real estate market, as a whole, is driven by the military, biotechnology, telecommunication sectors and tourism. The county s exemplary reputation in technology and education, combined with its desirable geography, make it extremely appealing for corporate identity as well as attracting a quality labor pool. San Diego County is the fifth most populous county in the United States, and boasts an unemployment rate of 5.0% even with its continually expanding population. San Diego s Life Science companies are among the top employers in the county and their employees rank among the most highly compensated compared to all other industries. Technology companies, healthcare innovators and independent research institutes are at the forefront of the growth in the bustling county and continued hiring is expected to help perpetuate the economic resilience in the region. * The information reported is based on data pertaining to office and industrial properties of all sizes designed to support the operational requirements of Life Science tenants. Rental rates are estimated full service and have been calculated at the monthly rate.

3 Second Quarter 2015 San Diego Life Science Report San Diego Regions By The Numbers Vacancy by Region Rental Rate by Re gion *The information reported is based on data pertaining to office and industrial properties of all sizes designed to support the operational requirements of Life Science tenants. Rental rates are estimated full service and have been calculated at the monthly rate.

4 Second Quarter 2015 San Diego Life Science Report San Diego Geographic Coverage Oceanside Vista North Coast Carlsbad Sorrento Valley Central Coast Torrey Pines Sorrento Mesa UTC La Jolla Pacific Ocean Pacific Ocean San Diego is home to over 600 life science companies, employing 42,000 people in the industry, making it one of the top three cities in the country supporting biotechnology related employment. Life science companies make up the majority of IPOs that come out of San Diego, and also attract the majority of venture capital revenue that comes into the city. Torrey Pines originally became San Diego's Life Science epicenter with the emergence of the R&D facilities of UCSD, the Salk Institute and Scripps Health, over fifty years ago. San Diego County Life Science firms comply with special allowances for higher water usage by using reclaimed water and implementing conservation measures that have reduced consumption ahead of targets. *The information reported is based on data pertaining to office and industrial properties of all sizes designed to support the operational requirements of Life Science tenants. Rental rates are estimated full service and have been calculated at the monthly rate.

5 Second Quarter 2015 San Diego Life Science Report MAJOR LEASE TRANSACTIONS MAJOR SALE TRANSACTIONS UNDER CONSTRUCTION MAJ OR FUNDI NG EVENTS MERGERS & ACQUISITIONS *The information reported is based on data pertaining to office and industrial properties of all sizes designed to support the operational requirements of Life Science tenants. Rental rates are estimated full service and have been calculated at the monthly rate.

6 Avison Young at a Glance Avison Young, a real estate company committed to you. We deliver results that are aligned with your strategic business objectives, support real estate initiatives that add value, and build competitive advantage for your organization. A Growing, Multinational Presence Avison Young is the real estate partner businesses trust for intelligent, integrated solutions. THAMES VALLEY HAMBURG DUESSELDORF Avison Young is Canada s largest independently owned commercial real estate services company. LONDON FRANKFURT MUNICH Founded in 1978 as Graeme Young & Associates of Edmonton; Merged with and Avison & Associates in 1996 to form Avison Young. In 2009, Avison Young began international expansion and has since opened 45 U.S. and 5 European offices. VANCOUVER EDMONTON CALGARY LETHBRIDGE REGINA WINNIPEG TORONTO (2) MISSISSAUGA MONTREAL QUEBEC CITY MONCTON TORONTO NORTH HALIFAX OTTAWA BOSTON In , Avison Young won designation as one of Canada s Best Managed Companies, Canada s most prestigious corporate award. In 2015, Avison Young was named a Canada s Best Managed Companies Gold Standard winner (2014). RENO SACRAMENTO OAKLAND SAN FRANCISCO SAN MATEO LAS VEGAS LOS ANGELES (4) DENVER MINNEAPOLIS GUELPH DETROIT CHICAGO (2) INDIANAPOLIS CLEVELAND PITTSBURGH COLUMBUS FAIRFIELD/WESTCHESTER LONG ISLAND NEW YORK CITY NEW JERSEY PHILADELPHIA SUBURBAN MARYLAND WASHINGTON, DC TYSONS CORNER, VA RALEIGH-DURHAM (2) ORANGE COUNTY DALLAS ATLANTA CHARLOTTE Avison Young is the world s fastest-growing commercial real estate services firm. Headquartered in Toronto, Ontario, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,700 real estate professionals in 66 offices, providing valueadded, clientcentric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties. SAN DIEGO AUSTIN HOUSTON TAMPA WEST PALM BEACH (2) FORT LAUDERDALE MIAMI SOUTH CAROLINA (2) ORLANDO Life Science Representative - San Diego, California Jerry Keeney Lic #: Phone: Address: 4225 Executive Sq, Ste 600, La Jolla, CA Report Prepared By: Amber Jagers - Research Manager Executive Sq, Ste 600 La Jolla, CA , Avison Young (Canada) Inc. The statistics contained in this report were obtained from sources deemed reliable, including Avison Young, Bureau of Labor Statistics, CoStar Group Inc., Real Capital Analytics, Inc., Reis Services, LLC, State of CA Employment Development Department, U.S. Green Building Council. However, Avison Young (Canada) Inc. does not guarantee the accuracy or completeness of the information presented, nor does it assume any responsibility or liability for any errors or omissions. All opinions expressed and data provided herein are subject to change without notice. This report cannot be reproduced in part or in full in any format without the prior written consent of Avison Young (Canada) Inc.

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