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Life Science Leasing in San Diego Surges 88%

However, there are some troubling trends.

By Anthony Russo | January 16, 2025 at 06:40 PM

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.

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