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Sunday, Apr 21, 2024

Q2 Life Sciences Footprint Expands By 263,399 Square Feet

The leasing footprint of San Diego life sciences companies grew by 263,399 square feet in the second quarter, according to report from the brokerage firm JLL.

That was 170% greater than the same period in 2018 and 239% more than the prior quarter.

“Tenant demand from companies of all sizes remains strong,” said the JLL report.

JLL recorded 17 leasing transactions totaling 419,225 square feet during the second quarter, led by Pacira Pharmaceuticals, as well as DNA sequencing companies Omniome and Cradle Genomics.

Pacira, which is based in New Jersey but has a San Diego office for research and development, leased an additional 44,500 square feet in the Torrey Pines submarket. Now, the company’s office measures 174,000 square feet.

Omniome expanded into a 74,571 square-foot office. Last year, Omniome landed a $60 million Series B round to develop DNA sequencing that claims to be accurate, fast and at a low cost. The company recently declined to comment on an article about whether it plans to compete with DNA giant Illumina.

Helmed by ex-Illumina talent, Cradle Genomics recently raised a $17.1 million Series A round to advance prenatal testing. Cradle leased 45,376 square feet in the UTC submarket.

In addition, Turning Point Therapeutics, Truvian Sciences and Explora Biolabs added space, while Boundless Bio inked a lease.

JLL offered a glimpse of what to expect in life sciences real estate.

“Some of San Diego’s larger companies, Illumina, AveXis and Neurocrine Biosciences, are expected to finalize lease negotiations during the third quarter to further expand their operations. Some growing biotechs, including Fate Therapeutics, Mirati Therapeutics and Rakuten Medical are also actively negotiating to expand their footprints.”

In addition, landlords and developers continue to seek out spots that can be converted into life sciences buildings. At the center of the trend is the Sorrento Mesa submarket, according to JLL.


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