Horses, Wolves, Scouts and Seals

John Jarvis | HM Blog
May 22, 2025

It is my pleasure to serve on the Board of Advisors for YMCA Overnight Camps, where we oversee three great year-round resident camps: Camp Surf, Camp Marston and Raintree Ranch. It was in a conversation about Raintree Ranch, a camp where kids learn to ride and care for horses, where I learned something interesting. A dominant stallion will typically lead its herd from the back of the group. I knew this was true about wolf packs, and I’ve always thought it was cool and that it makes a lot of sense in the right circumstance. And what is the right circumstance to lead from the back? Let’s dig in.

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From Boom to Doom: The Biotech Wet Lab Meltdown—San Diego Market Report

Hughes Marino | Market Reports
May 13, 2025

From 2020-2022, the biotech industry was the standout of the U.S. capital markets, thanks to the vital role the industry played in the Covid-19 pandemic response and the unprecedented capital investment that flowed into the industry for the diagnosis and treatment of all disease conditions. With that fresh capital, biotech companies leased millions of square feet of biotech wet lab space from 2020-2022 in an unprecedented surge that real estate developers and their landlord brokers thought would last for many years to come. In contrast back in 2023, Hughes Marino began sounding the alarms that a perfect storm was on the horizon for the San Diego region’s biotech wet lab market, that would affect all U.S. wet lab markets. That perfect storm would be comprised of 1) changes in the capital markets that would negatively affect demand, 2) growing wet lab sublease inventory that would unexpectedly increase supply and limit landlords’ pricing power and 3) record levels of excessive new wet lab construction and office-to-lab conversions that would exacerbate the supply problem. We forecasted that these factors would collectively lead to a historic wet lab supply and demand imbalance, which is exactly what has occurred.

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