In our new report, Tech Industry’s Impact on San Diego’s Office Market, we take a close look into the many aspects of San Diego’s thriving tech sector, plus other relevant regional trends.
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 such as cybersecurity, aerospace, navigation and maritime, software, health IT, bioinformatics and cleantech.
With established companies including Qualcomm and Intuit, as well as many innovative start ups, San Diego firms are developing unique technologies that have global impact. San Diego’s research institutions account for $4.6 billion in the local economy and are the core of the region’s $14.4 billion 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 billion in venture capital in the last 10 years with $8.9 billion invested in healthcare/life sciences/medical devices sectors.
Here are a few more key highlights from our local San Diego tech report:
- 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 97,000 sf in Eastgate in the fourth quarter of 2019, and recently leased an additional 360,000 sf in Eastgate which it is anticipated to occupy in 2021. The tech titan’s presence is expected to have a lasting and ripple effect in myriad ways in San Diego.
- 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.
- The 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).
For our complete dive into key trends across San Diego’s robust tech landscape, plus additional stats on employment trends and other key demographic details, view our full report here.