High interest rates couldn't stop activity in San Diego's life sciences market. The sector in the city saw 2.4 million square feet of leases in 2024, an 88 percent increase from 2023 and up 37 percent versus the pre-pandemic yearly average.
Pfizer thanks to its relocation in the Del Mar Heights/Carmel Valley submarket for 230,133 square feet of space, recorded the largest lease in the full year. The two other largest deals that lagged behind it were also relocations; Vividion Therapeutics took 127,282 square feet of space, while Avidity Biosciences signed for 105,511 square feet.
Venture capital funding in 2024 reached $3.63 billion — the third-highest annual amount on record. Only $267 million was raised by companies in the fourth quarter.
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