Daily Business Report: Friday, Aug. 27, 2021
2nd Quarter Report
Investment into technology companies
in San Diego region more than quadrupled
More than $2.4 billion in venture capital went to San Diego tech companies during the second quarter of this year, a 433 percent increase from the previous quarter and the first time that Tech received more VC funding than Life Sciences since Q1 2019, according to a San Diego Regional EDC report.
Life sciences funding fell from record levels, but still pulled in more than $1.9 billion during the quarter, more than doubling the amount received in the same quarter last year.
Net absorption of office real estate was positive during the quarter, up more than 330,000 square feet, for the first time since the fourth quarter of 2019 as San Diego businesses began transitioning back to the office.
Additionally, tech companies such as Apple and AppFolio are expanding their San Diego footprint, helping push office vacancy rates down and rent growth back up.
Job growth returns amid continued battle for talent. San Diego’s second quarter employment reversed the past year’s downward trend as the vaccine rollout led to loosened restrictions on businesses and increased consumer confidence. Year-over-year total nonfarm employment increased by 17,700 in the second quarter, with Leisure and Hospitality leading the way. However, total employment remains about 100,000 jobs lower than pre-pandemic levels and some key industries, such as Health care, are in dire need of more workers.
Above photo by ThisisEngineering RAEng on Unsplash
Hotel del Coronado completes third phase
of its $400 million Master Plan
The Hotel del Coronado has reached another milestone in its $400 million Master Plan with the completion of the historic restoration of the hotel’s front porch and library, redesigned main entry and drive experience, new guest rooms in The Views “neighborhood” and refreshed retail concepts.
This third phase of completion follows the summer 2020 opening of The Cabanas
“neighborhood” and new main pool, plus four upgraded dining concepts – Sun Deck, Babcock & Story, ENO Market and ENO Pizzeria.
Additional information on Hotel del Coronado’s new resort offerings and full resort health and safety procedures can be found on hoteldel.com. Interactive details and upcoming milestone updates in the property’s Master Plan completion can be viewed on
Philanthropic donations to Salk Institute
exceed record-breaking $100 million in FY21
Philanthropic donors gave more than $100 million to The Salk Institute in fiscal year 2021 to support scientific research, the institute reported. The amount is a record in philanthropic gifts for the institute, eclipsing the previous record gift total in 2019 by more than $11 million.
Philanthropic donations helped accelerate scientific research across the institute and propel dozens of significant scientific discoveries made in Salk’s labs during the fiscal year, including developing a promising approach for treating type 1 diabetes by using stem cells, finding that the brain’s immune cells form some plaques as a defense in Alzheimer’s, and identifying how tumors cause immune cells to lose their ability to fight cancer.
“Our philanthropic supporters have displayed an unprecedented level of generosity for the scientific mission of the Institute and we are deeply grateful,” says Vice President of External Relations Rebecca Newman. “In amounts large and small, the contributions will accelerate vital scientific research Salk scientists are pursuing to improve the health of our planet, and everyone on it.”
Investigations law firm opens San Diego office
Van Dermyden Makus Law Corporation, one of the nation’s top workplace investigations law firms, has opened a San Diego office as part of the firm’s strategy to grow in California and nationally. Kelly Gemelli, an expert in employment law, has joined the Firm as managing partner of the San Diego office.
Prior to joining VM Law, Gemelli was a principal with one of the country’s preeminent employment law firms. She managed and litigated hundreds of employment-related cases in state and federal courts and in arbitrations. She provided advice and counsel to clients on a multitude of employment-related issues.
Gemelli also has significant experience in providing training seminars on a wide variety of employment topics, and has trained professional groups and all levels of management in specialized areas of employment law.
Over the past decade VM Law, which has offices in Sacramento and San Rafael, has grown rapidly each year since its founding, identifying early opportunities in employment law such as the demand for neutral investigations and specific Title IX expertise.
TumorGen receives $390,000 grant from
National Cancer Institute to counter metastasis
TumorGen Inc.,a biotechnology company, has received a $390,000 Small Business Innovation Research (SBIR) grant from the National Cancer Institute (NCI) to validate a revolutionary microfluidic platform used to develop anti-metastatic therapies
With this funding, the company will test the new technology in lung cancer patients, capturing metastatic cancer cell clusters (MCCCs) in their blood. Analyzing these clusters will lead to new drugs that directly target metastasis, potentially saving many lives.
TumorGen scientists believe targeting MCCCs is the key to halting metastasis. These clusters are the malignant messengers tumors release into the blood stream to attack other vital organs. Unfortunately, MCCCs are extremely rare and challenging to find.
County encourages indoor mask wearing,
regardless of vaccination status
Amid a sharp increase in COVID-19 cases due to the spread of the more contagious Delta variant of the virus, the County of San Diego Health and Human Services Agency is recommending all San Diegans wear facial coverings in indoor public settings.
While vaccinated people are no longer required to wear a face covering in most settings, the California Department of Public Health updated its guidance for those who are fully vaccinated to strongly encourage the continued use of face coverings indoors.
The guidance recommends that all Californians, regardless of vaccination status, wear a mask in indoor public settings.
SD Emergency App users now can have
earthquake early warning
The County of San Diego’s SD Emergency app is now equipped with ShakeReadySD, an earthquake early warning system. This will let users know if an earthquake has occurred nearby that is likely to cause shaking within seconds and it will urge them to take protective action such as drop, cover and hold on or another appropriate safety measure.
The County Office of Emergency Services has been working with the U.S. Geological Survey on the alert for more than a year. USGS has a network of more than 770 underground sensors and other technologies built to protect residents and visitors throughout California as part of its ShakeAlert Earthquake Early Warning system,
which is what powers the ShakeReadySD component of the SD Emergency App. This is the first time the ShakeAlert system has been integrated into an existing emergency app.
Monsido announces merger with ArchiveSocial
Monsido, a leader in digital governance solutions that enhance user experience, announced that it has merged with ArchiveSocial, a provider of public records and archiving software for government agencies, law enforcement officials, and educational organizations.
The transaction follows the completion of ArchiveSocial’s previously announced acquisition of NextRequest, a leading provider of automation and workflow technology that simplifies how government agencies manage and reduce the risk associated with public records requests.
“We’re on a shared mission to strengthen trust in digital communication, and we’re thrilled about the opportunities this merger provides,” said Ray Carey, CEO of ArchiveSocial. “The past year and a half illustrated how critical digital communication and experiences are.”
Noblis MSD wins prime $68 million
contract to help optimize Navy networks
Noblis, a provider of science, technology and strategy services to the federal government, announced that its subsidiary, Noblis MSD, formerly known as McKean Defense Group LLC, has been awarded a multi-award contract from the Naval Information Warfare Center, Pacific. Competitively procured, the three-year contract includes four one-year option periods with an estimated potential value of $68 million if all options are exercised.
Under the contract, the company will compete on task orders to deliver engineering and technical services for current and emergent afloat, ashore and airborne networks and systems that enable net-centric operations in naval, joint, allied and coalition operations. Work on this contract will be performed in San Diego, Norfolk, Va. and select locations outside of the continental United States. The contract is follow-on to work that the Noblis MSD team was awarded in 2016.
LET’S FIND SAN DIEGANS OVER 80
Poland’s most gifted poet Stanislaw Jerzy Lec once said, “Youth is the gift of nature but age is a work of art.”
With this in mind, we’re looking to celebrate as many San Diegans 80 or over as we can find with your help.
The 2020 Census says there are more than 20 million Americans 80 years of age and older, including 97,000 who are 100.
We’re all living longer because we smoke less, drink less, eat better and exercise more.
Maybe 80 is the new 60!
Send us your nominations. Please go to our web site — www.sandiegometro.com– and complete the nomination form. Thank you.
