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Office leasing for Sorrento Valley/Mesa is dominated by innovation industries, while Del Mar and UTC financial services are robust

• Over the last five years, the financial services industry, which comprises of insurance and real estate, as well as banking and financial services, was a robust driver of the office market, particularly in the UTC/Eastgate and Del Mar Heights submarkets. This industry averaged more than 20 percent of the total leasing for seven out of the eight primary central office core submarkets. A few of the recent companies that contributed to this trend include Bank
of Internet, Atlas General Insurance, and WeWork in UTC and Berkshire Hathaway and Elevate Credit Services in Del Mar Heights.

• Behind the financial services industry in leasing activity are technology and business services, both averaging at about 20 percent across all submarkets. The technology industry, which includes aerospace, defense, engineering, energy, telecom, and software, accounted for over 30 percent leasing in three submarkets. Aerospace and defense has been very active in the I-15 Corridor (Rancho Bernardo and Scripps Ranch) with total leasing volume of over 900,000 square feet in the last two years.  Sorrento Mesa/Valley continues to be the innovation hub with a combined 60 percent of leasing activity between the life sciences and technology industries.

Source: JLL Research

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