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Quarter 1 2023 San Diego Market Reports



OFFICE

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 Mo. Deliveries in SF

610 K


12 Mo. Net Absorption in SF

367 K


Vacancy Rate

11.0%


12 Mo. Rent Growth

1.6%


INDUSTRIAL

Leasing activity has moderated over the past several quarters after averaging about 3 million SF since the start of 2020. Leasing during 22Q4 was propped up by Ionis Pharmaceuticals' 245,000-SF leaseback of its existing space after the biotech firm sold its Carlsbad flex campus to Oxford Properties. That deal accounted for roughly 10% of

leasing volume during the quarter. As part of the deal, Ionis agreed to lease a new proposed 217,000-SF building in Oceanside that is scheduled to open in 2025...

(click for full report).


12 Mo. Deliveries in SF

2 M


12 Mo. Net Absorption in SF

(141 K)


Vacancy Rate

3.9%


12 Mo. Rent Growth

10.2%


RETAIL

There is wide agreement among market participants that San Diego's retail sector finds itself in a position of strength. Net absorption has been positive during the past seven quarters, which has been the longest consecutive quarterly streak in the past 10 years. That has resulted in a year-over-year vacancy change of -0.5% to 4.3%, which is in line

with historical norms, after a net of about 600,000 SF was absorbed in the past 12 months. More notably, the availability rate is trending at its lowest level in the past 10 years at 4.4%. That metric may be a better barometer of inventory due to many dark spaces not being advertised for lease…(click for full report).


12 Mo. Deliveries in SF

191 K


12 Mo. Net Absorption in SF

602 K


Vacancy Rate

4.3%


12 Mo. Rent Growth

5.0%


MULTI-FAMILY

Overall demand has fallen since mid-2022, with luxury apartments the only class segment seeing positive absorption over the past two completed quarters, driven primarily by new buildings. Renters have shown a continued preference for high-end units over the past several years, even with average rents of about $3,220/month…

(click for full report).


12 Mo. Deliveries in SF

3,922


12 Mo. Net Absorption in SF

(137)


Vacancy Rate

4.0%


12 Mo. Rent Growth

4.5%




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