By most measures, San Diego's office market is firing on all cylinders. Net absorption has picked up since the end of last year, occupancies are hovering near post recession highs, and annual rent growth continues to outpace the long-term average. After Apple announced in December that it would expand into San Diego with 1,000 jobs over the next three years, the tech giant reaffirmed that commitment during 19Q1, when it upped the number of jobs to 1,200. It secured 100,000 SF in UTC for the start of its expansion into what it anticipates will become an engineering hub for the company....
12 Mo. Deliveries in SF: 827 K
12 Mo. Net Absorption in S: 339 K
Vacancy Rate: 9.7%
12 Mo. Rent Growth: 3.3%
Last year's momentum has carried over into 2019. As of May, vacancies remain low, trailing 12-month absorption hit 1 million SF, and rent growth showed no signs of decelerating. In fact, annual rent growth doubled the long-term average at the beginning of May. That is coming off a year when vacancy across the region's warehouse, distribution and flex buildings hit a historic low in the fall and net new supply reached a decade high at year's end...(click for full report).
12 Mo. Deliveries in SF: 3.2M
12 Mo. Net Absorption in SF: 886K
Vacancy Rate: 5.3%
12 Mo. Rent Growth:6.4%
Strong demand drivers should suggest a strengthening in retail demand. The employment profile includes one of the most tech-friendly environments in the country, and life science and tech firms continue to expand. San Diego is a worldwide tourist destination, and those tourists pour billions of dollars into the local economy. Median household incomes continue to grow above the rate of inflation...(...(click for full report).
12 Mo. Deliveries in SF: 546K
12 Mo. Net Absorption in SF: 467K
Vacancy Rate: 3.7%
12 Mo. Rent Growth: 0.8%
Vacancies are in line with the long-term average, and rent growth has recovered in 2019, after quarterly rents fell at the end of 2018. But trailing 12-month rent ended the first quarter below the long-term average for the first time since 2012. That is after San Diego finished a year that may best be described as one of equilibrium. Vacancies remained low, annual rent growth cooled, and the county again added fewer than 4,000 market-rate units...(click for full report).
12 Mo. Delivered Units: 3,808
12 Mo. Absorption Units: 3,321
Vacancy Rate: 4.3%
12 Mo. Rent Growth: 2.5%
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