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...
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…
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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