Technology and life science industries are keeping San Diego's office market alive. "Investment capital follows growth and San Diego has seen tremendous growth in the life science and technology sectors," Bob Prendergast, managing director of JLL capital markets, tells GlobeSt.com about the rebound in investment sales volume this year.

Limited availability in popular life science and technology markets like Torrey Pines and UTC submarkets are driving investment capital into Sorrento Mesa and Sorrento Valley. "Properties designed for office are being converted to life science uses. Well located, but antiquated, office properties are being acquired, demolished and rebuilt as life science facilities," says Prendergast. "As a result, sales of 'pure' office buildings, that will remain as office buildings have been few and far between."

In fact, Prendergast calls the region one of the strongest life science submarkets in the country. "The North Cities, which includes Sorrento Mesa, has seen strong investor demand as the submarket has emerged as one of the strongest life science markets in the county and nation. Paradoxically, life science demand has reduced office inventory with many properties being converted to life science uses."