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Market Highlights
- Overall vacancy increased 440 basis points (bps) to 28.8% from Q1 2025’s 24.4%, while 1.3 million square feet (msf) of space was added to the market over the same time frame.
- Breakthrough Properties refinanced its fully leased 520,000 square feet (sf) Torrey Heights life sciences campus in Del Mar Heights with a $465.0 million CMBS loan as Pfizer prepares to occupy 230,000 sf.
- Novartis recently announced the start of construction on its 466,000 sf biomedical research center in San Diego, aimed at expanding its drug discovery efforts and advancing its pipeline, with completion expected in 2029.