Daily Business Report: Thursday, May 11, 2023
Increased lab vacancy opens more options
for San Diego life sciences companies
San Diego’s lab vacancy increased in the first quarter, providing relief for companies that had found little available space in recent years, according to a new report from CBRE. The average vacancy of 5.6 percent in the first quarter marked an increase of 120 basis points from the previous quarter. Together, the core life science submarkets of Torrey Pines, UTC, Sorrento Mesa and Sorrento Valley saw an increase from their collective record low vacancy (2.7 percent) in the first quarter of 2022 to 5.5 percent in the first quarter.
“It is no secret that life sciences have been a hot commodity in recent years due to the demand for biotech and pharmaceutical research and development,” said CBRE’s Executive Vice President Ted Jacobs. “However, after the surge in demand for lab space over the last three years, the sector has become oversaturated, leading to a cooling in the market. Some investors are taking advantage of the slowdown to buy life sciences properties at a discount, expecting demand to increase.
Meanwhile, consistent with national trends, venture capital funding for life sciences companies declined in the first quarter from the fourth amid banking sector turmoil, which constrained capital availability for the tech and life sciences industries.
Developers had more than 40 million square feet of lab space under construction in the 13 markets in the first quarter, with 25 percent preleased. San Diego has the fourth highest nationally under-construction lab space, with over 5 million square feet, 30 percent of which is preleased.
To read the full report, click here.
Photo: APEX, BioMed Realty’s ground up technology and life science hub in University Towne Centre was built with 204,000 square feet. (Credit: BioMed Realty)
Researchers track endangered Nassau
grouper eggs with underwater microscope
By Alex Fox
Each winter off the western tip of the Caribbean island of Little Cayman, thousands of
endangered Nassau grouper gather to spawn under the light of the full moon. The fish pack the coral reef and when the ritual begins individual females dash out of the fray straight up towards the surface with multiple males in pursuit. During these vertical bursts, females release their eggs and the males jostle to fertilize them, leaving milky plumes drifting in the moonlit sea.
These precious fertilized eggs are the engine that powers the still-limited recovery of this critically endangered species that is a key reef predator and was once the target of an important fishery in the Caribbean. But where do these eggs end up after they’re cast adrift?
Scientists at Scripps Institution of Oceanography, Oregon State University, and the conservation organization Reef Environmental Education Foundation (REEF) teamed up with the Cayman Islands Department of the Environment to address this question by physically tracking clouds of tiny, transparent Nassau grouper eggs through the night with an underwater microscope developed by Scripps Oceanography Marine Physical Laboratory scientist Jules Jaffe.
Many community colleges miss
deadline to serve struggling students
CalMatters
Community colleges across the state have different programs aimed at combating problems students face such as homelessness, food insecurity, transportation and even health care in some cases. To help and make the system less fragmented for students, lawmakers included $100 million in one-time funding, plus $30 million in annual funding, in the 2021-22 state budget for community colleges to establish a “basic needs center” on each campus by July 1, 2022.
Roughly a third of the state’s 115 community colleges missed the deadline to establish a brick-and-mortar basic needs center, Rebecca Ruan-O’Shaugnessy, a vice chancellor at the community college chancellor’s office, told a state Senate subcommittee last week.
The portion of the 2021-22 budget that set the deadline doesn’t specify any kind of penalty for missing it.
Retired U.S. Navy master chief petty officer
named CEO of North San Diego Business Chamber
Chris Thorne, a retired master chief petty officer for the Navy, has been named the new chief executive officer of the North San Diego Business Chamber. He succeeds Debra Rosen, who is retiring June 30 after 14 years as president and CEO.
Thorne served in the military for 30 years and is currently the president of the Gary Sinise Foundation, San Diego Chapter. Following his military service, he helped to establish and scale a small start-up company focused on supporting transitioning military personnel and military spouses in achieving successful post military careers.
Thorne also founded a human resources small business with a focus on military community talent programs, industry best practices in federal government programs, and compliance, with a specialty focus on California Labor compliance, as well as a leading human resources certification continuing education provider, speaking as a recognized expert to industry and business groups nationwide.
“Chris is the perfect choice for a successor, he will take the Chamber to the next level and we look forward to watching continued growth beyond the work we have done these last 14 years” said Debra Rosen, current president and CEO of the Chamber.
Cal State San Marcos Library receives
funding for special collections expansion
By Brian Hiro
A co-founder of Stone Brewing as well as one of the most prominent families in North County have given foundational gifts to a Cal State San Marcos project to expand the space for its collections documenting the history of the region and make them accessible to the public.
Greg Koch, co-founder of Stone, and the Ecke family famous for its legacy of floriculture in the region are the lead funders for a plan to build a new public services area on the fifth floor of Kellogg Library. The donations kick off the fundraising for a project that is projected to cost $2.5 million and be completed in two phases.
“In a short time, we’ve made great strides to preserve the history of our region, especially that of North San Diego County, and this space will allow our communities to converge around a common purpose: to keep community stories alive,” said Jennifer Fabbi, dean of the CSUSM library.
The Special Collections Department at CSUSM, housing collections that are irreplaceable or rare, has existed for about five years, and it occupies a space on the first floor of the library (the second floor is street level). The space features only one viewing table for people to interact with the material, and with the collections confined to a storage environment, there is limited opportunity to display memorabilia and engage the public and campus community with the rich history within each collection.
NAVWAR Revitalization is conference topic
The NAVWAR Revitalization Project is the topic for the May 17 Burnham-Moores Morning Series conference from 7:30 to 10 a.m. at the Joan B. Kroc Institute for Peace & Justice at University of San Diego. Speaker is Greg Geisen, NAVWAR Revitalization project manager. Sponsor is the Burnham-Moores Center for Real Estate. The event is open to the public. General admission is $85 per person. Register
Applications open for MetroConnect
grant funding for companies
SAN DIEGO — The San Diego Regional EDC is inviting applications for MetroConnect VII, a program designed to help San Diego-based companies expand globally. The program offers selected companies up to $15,000 in grant funding, as well as a suite of services to support their international growth strategies. This year, 20 local companies will be selected to participate in the program. The deadline to apply is May 18, and interested companies must complete an online application form that includes business information, international goals, and other relevant details. The program is open to businesses from all industries, provided they meet the eligibility criteria.
Himiway expands to over 340
dealerships, including San Diego
SAN DIEGO— Himiway announced that it has expanded its dealership network to over 340 locations worldwide, making it a trusted partner for customers seeking reliable and efficient electric bikes. As part of the brand’s commitment to its clients, Himiway will hold regular free maintenance events nationwide, the first to be held in San Diego May 19 for three days.
Those attending can also take advantage of the trade-in program and participate in a test-ride of a Himiway ebike, further enhancing their outdoor cycling experience.
Crime down in county, but violent
crime increase, hits 10-year high
Crime fell by about 3 percent overall in San Diego County from 2021 to 2022, but the violent crime rate — fueled by a jump in robberies — hit a 10-year high, regional figures show. Property crimes like burglary, larceny and vehicle theft continued to decrease last year, leaving the region with its second-lowest property crime rate in 43 years.
The findings were part of a Tuesday report from the San Diego Association of Governments, known as SANDAG, and closely mirror crime trends out of San Diego, the county’s biggest city.
Point Predictive partners with SoFi
SAN DIEGO — Point Predictive, the San Diego-based company providing artificial intelligence (AI) risk solutions to lenders and credit providers, announced its partnership with SoFi. SoFi, a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions, has implemented Point Predictive’s IncomePass solution, which validates borrower income in real time against millions of reported and validated incomes to determine the probability of income misrepresentation or fraud.
2023 Appian Innovation Awards announced
SAN DIEGO — Appian announced the winners of the 2023 Appian Innovation Awards. This year’s winners demonstrate the business impact of delivering end-to-end process automation with a Data Fabric on the Appian Platform. The Innovation Award recognizes an individual or team whose use of Appian is disrupting their market, serving as a catalyst for a new standard in how work is done. Finalists and winners were selected by a judging panel including Appian Chief Customer Officer Pavel Zamudio; Neil Ward-Dutton, VP AI, Automation & Analytics Europe at IDC; and George Kaczmarskyj, Principal at Ernst and Young. Winners list.
SeaWorld San Diego to debut all-new play
area dedicated to marine animal rescue
SAN DIEGO — SeaWorld San Diego will soon debut a new kid-friendly play area, Rescue Jr., where children will become the heroes of the park and learn about animal rescue and rehabilitation through hands-on experiences. Kids can enjoy exciting play elements, a splash pad, water features, climbing structures and rides. Real rescue vehicles, an obstacle course, puzzles, fun animal facts, and tips on how to help conservation every day add to the fun. Aspiring conservationists can also see rescued animals up close.
Singlera Genomics receives FDA
Breakthrough Device Designation OK
SAN DIEGO — Singlera Genomics, a company focused on the application of novel DNA methylation technologies to genetic diagnosis, announced that it had received Breakthrough Device Designation from the Food and Drug Administration (FDA) for its PDACatch assay, a novel DNA methylation-based liquid biopsy assay for the detection of pancreatic adenocarcinoma in individuals at high risk for the disease. Pancreatic adenocarcinoma is one of the most deadly forms of cancer, in part due to the majority of diagnoses being late-stage; the five-year survival rate for PDAC is less than 10 percent.
Cullgern raises $40 million in new financing
SAN DIEGO — Cullgen Inc., a leading biotechnology company, has raised $40 million in new financing. A $35 million series C financing round was led by AstraZeneca-CICC Venture Capital Partnership, and included Sincere Capital, Voyagers Capital, Wuxi Capital Group (subject to pending ODI approval), as well as existing shareholder GNI Group Ltd. In conjunction with the series C round, AZ-CICC will have the right to designate a representative to join Cullgen’s board of directors. GNI Group Ltd. has elected to exercise its outstanding warrants for Cullgen stock, resulting in an additional $5 million in proceeds for Cullgen.
Palomar College participating in ACE-UP program
SAN MARCOS — Palomar College has been selected as one of 17 community colleges in the US to participate in a program called ACE-UP (Advancing Community Equity and Upward Mobility), which aims to develop strategies that offer equitable employment opportunities for all students. Funded by a $500,000 grant from the Lumina Foundation, the 18-month program will help to explore ways to encourage greater diversity in career education programs, and better prepare students for their careers.
