The office and lab space market San Diego has already roared back. Demand for lab space increased 280% since March 2020 and office demand has already surpassed pre-COVID levels, according to research from JLL. The demand is driving both leasing and investment activity in the market.

"The expansion of big tech and the incredible growth in the life sciences industry, which is displacing office tenants as offices buildings are converted to lab buildings, have been the driving forces behind the San Diego office leasing activity," Tim Olson, senior managing director at JLL, tells GlobeSt.com. Confidence in the re-opening of businesses, easing of COVID restrictions, consumer demand, and an overall sense of confidence in the market has been contributing factors as well. Employers and employees alike are willing to get back to the office setting with an eagerness to move past the last year and a half."

Employees are also ready to return to the office, according to Olson. He says that the eagerness to return to the office is driving a flight to quality for companies to both attract and retain talent. "In short, the office work force is ready to get back to work and the office opportunities are there for companies looking to relocate, reconfigure, downsize or expand," says Olson. "They want to and need to be in nice office space in order to get people excited about coming back to work."