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April 5, 2020
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WHAT'S NEW
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Tech Industry Plays Major Role in San Diego’s Office Market

3/03/20

The San Diego office of Cushman & Wakefield has just published a new report entitled Tech Industry’s Impact on San Diego’s Office Market, as of February 2020. This local report provides considerable analysis into many aspects of San Diego’s thriving tech sector, plus other relevant regional trends. Here are some key highlights from that report, provided by C&W.

• As a precent of total jobs, San Diego is home to the 9th highest concentration of tech employment in the U.S.

• San Diego’s research institutions account for $4.6 bil in the local economy and are the core of the region’s $14.4 bil scientific R&D cluster. San Diego also has the second highest concentration of science and engineering professionals in the U.S. and has attracted $15.2 bil in venture capital in the last 10 years with $8.9 bil invested in healthcare/life sciences/medical devices sectors.

• With a complex military ecosystem, the University of California, San Diego (UCSD) and numerous research institutions, San Diego’s technology cluster has positioned the region as a hub for innovation in emerging sectors.

• San Diego’s tech economy is anchored by the life science ecosystem around UCSD in Torrey Pines and the telecommunications companies clustering around Qualcomm in Sorrento Mesa. Meanwhile, companies such as Illumina, Viasat and Nuvasive continue to expand their presence in the region.

• Apple occupied 97k sf in Eastgate in the fourth quarter of 2019, and recently leased an additional 360k sf in Eastgate which it is anticipated to occupy in 2021.

• In 2019, the tech sector accounted for 18% or 1.5 msf of 8.4 msf total office space leased countywide across all industry sectors. Based on 2019 leasing, Eastgate and Sorrento Mesa attracted the most tech tenants.

• Over the last 10 years combined, tech tenants have leased 11.6 msf or 16% of total office space (73.7 msf) leased by all industry sectors combined countywide since 2010.

• Tech industry has added 28,800 jobs over the last eight years (2012-2019), averaging 3,600 per year or 3.1% annual growth. In 2020, tech employment sector is expected to grow at a combined growth rate of 2.0% (+2,700 jobs).





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