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San Diego Life Science Market Report, Q2 2026
The inflection quarter. Core cluster vacancy posted its first demand-driven decline of the cycle, Class A rents held flat after fifteen quarters of decline, and the exit environment reopened with $3.2B+ in disclosed San Diego M&A. Submarket-by-submarket availability and rent trends, capital markets, leasing activity, and a founder playbook for structuring a lease around funding and regulatory milestones.
Published July 2026 · Authors: Miles Arnold, Chris Durbin · No email gate.
Core cluster vacancy
26.6%
First decline of cycle
Class A asking rent
$5.75
/SF NNN, flat 15 qtrs
Sublet available
1.23M SF
up modestly QoQ
Q2 VC funding
$624.7M
10 rounds
Source: Voit San Diego Life Sciences Q2 2026 Market Report.