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Market Highlights
- Overall vacancy remained essentially unchanged year over year at 28.1%, down 10 basis points from 28.2% in Q2 2025, while available space increased from 8.9 million square feet to 9.4 msf over the same period.
- Sterling Bay and Harrison Street secured $290 million in refinancing for Pacific Center, a 525,000-square-foot (sf) life sciences campus in Sorrento Mesa, and signed Quantum-Si as the project's first tenant, leasing the entire sixth floor.
- Pfizer opened its new 230,000-sf oncology R&D center at Breakthrough Properties' Torrey Heights campus, bringing approximately 650 employees to the recently delivered life sciences development.