The City of San Diego is the eighth-largest city in the country and the fifth-largest county in terms of population. San Diego’s commercial real estate market is active, supported by robust life sciences firms, biotech firms, defense contractors, and healthcare providers. There are over 80 research institutes in San Diego and five universities, providing an immense talent and renter pool. The cluster of research institutes has created one of the most vital life science centers in the United States. Scripps Health has five campuses scattered throughout the metro and has announced plans to spend $2.6 billion on upgrades to its facilities. There are over 140,000 active duty and civilian military employees in San Diego, and the defense industry accounts for more than 350,000 jobs in the region (25 percent of the economy), according to San Diego Military Advisory Council. San Diego’s job market grew 4.9 percent in 2021, compared to the United States’ 4.6 percent. Additionally, millennials account for 25 percent of the population in San Diego, holding one of the largest concentrations of the generation in the country.