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PCC Newsletter - 2nd Qtr 2023 - SD Market Report


O F F I C E San Diego's office market is supported by a mix of defense contractors, healthcare providers, life sciences firms, and tech companies. Several top universities, including UC San Diego, the University of San Diego, and San Diego State University, provide a talent pool of job-seeking graduates and collaborative work with firms and research institutes...(click for full report). 12 Month Deliveries in SF: 270 K 12 Month Net Absorption in SF: (997 K) Vacancy Rate: 11.3% 12 Month Rent Growth: 1.6%


I N D U S T R I A L Leasing activity has moderated over the past several quarters. Many larger space users have become more cautious amid concerns and are reportedly trying to renew instead of actively seeking new space...(click for full report). 12 Month Deliveries in SF: 2.9 M 12 Month Net Absorption in SF: (854 K0 Vacancy Rate: 4.4% 12 Month Rent Growth: 8.7%


R E T A I L In the first half of 2023, Bed Bath & Beyond and Tuesday Morning announced they were closing all of their San Diego area stores, impacting more than 300,000 SF of retail space…(click for full report). 12 Month Deliveries in SF: 169 K 12 Month Net Absorption in SF: 114 K Vacancy Rate: 4.3% 12 Month Rent Growth: 4.9%


M U L T I F A M I LY Although demand has returned since the start of 2023 after falling in the second half of 2022, household formation has been stymied by a combination of persistent inflation, rapidly rising interest rates, and rising unaffordability…(click for full report). 12 Month Deliveries in SF: 2,446 12 Month Net Absorption in SF: 845 Vacancy Rate: 3.5% 12 Month Rent Growth: 3.0




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