Why Alexandria Had Its Best Quarter in 20 Years
To say Alexandria Real Estate Equities had a pretty big year in San Diego could be an understatement. Its year so far has been capped with a 106k SF lease with Eli Lilly in University Town Center, just in time for Bisnow's San Diego Biotech Real Estate event, starting 8 am, July 30, at the Sheraton San Diego Hotel & Marina.
Among our panelists is Alexandria EVP Dan Ryan, who tells us the market's had "pretty consistent, pretty good absorption and activity, really starting in 2010.” Alexandria just announced it leased nearly 2M SF across its portfolio during the second quarter—the best single quarter for Alexandria in 20 years. In April, Dan helped secure a 106k SF lease with Eli Lilly at 10300 Campus Point Dr, which is spurring on a 142k SF life sciences development at the campus, according to SEC filings.
But despite the onslaught of tech and life science office-themed space entering the San Diego market, Dan says he doesn't see an oversupply issue. “Everybody wants that unusual space now. Whether it be tech tenants, or whether it be lawyers,” he says. “I don't see that has a growing problem. People are talking more about value and less about cost.” Hear more from Dan and our other all-star panelists at Bisnow's San Diego Biotech Real Estate event, starting 8 am, July 30, at the Sheraton San Diego Hotel & Marina. Sign up here.