San Diego Commercial Real Estate: What We’re Watching Heading Into Q4 2026

San Diego Commercial Real Estate: What We’re Watching Heading Into Q4 2026

Another quarter is in the books, and San Diego commercial real estate continues to give owners, tenants, investors, and brokers plenty to watch.

Our Q3 2026 San Diego Commercial Real Estate Market Report takes a closer look at current conditions across Office, Industrial, Retail, and Multifamily, along with recent Pacific Coast Commercial activity, local CRE news, and insights from our leadership team.

The headline numbers provide a useful snapshot of the market:

• Office Vacancy: 13.9%

• Industrial Vacancy: 8.6%

• Retail Vacancy: 4.3%

• Multifamily Vacancy: 6.0%

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While vacancy is only one piece of the picture, the differences between sectors continue to show just how important it is to evaluate each asset class and each San Diego submarket on its own.

What the Q3 Numbers Are Telling Us

Office | 13.9% Vacancy: Office continues to carry the highest vacancy of the major sectors we track. For owners and tenants, building quality, location, amenities, parking, and lease economics remain key differentiators.

Industrial | 8.6% Vacancy: Industrial users have more options than they did during tighter market conditions, but functional space in the right location continues to stand apart. Loading, yard area, power, zoning, and freeway access remain major decision factors.

Retail | 4.3% Vacancy: Retail remains relatively tight, particularly in well-located centers and high-traffic corridors. Visibility, access, tenant mix, demographics, and surrounding activity continue to drive demand.

Multifamily | 6.0% Vacancy: Multifamily remains an important part of San Diego’s investment landscape, with owners continuing to balance occupancy, operating costs, financing, rent growth, and property-specific fundamentals.

As we move into Q4, we’ll be watching how transaction activity, financing conditions, tenant demand, available inventory, and pricing continue to develop across San Diego County.

For owners, this is an important time to understand how a property is positioned relative to the competition.

For tenants, increased availability in certain sectors may create opportunities to evaluate alternatives and negotiate from a more informed position.

And for investors, individual property fundamentals remain especially important as market conditions continue to vary by asset type and location.

There is still plenty of year left, and we’re excited to see how the San Diego commercial real estate market closes out 2026.

Our team at Pacific Coast Commercial will continue tracking the numbers, watching individual submarkets, and helping our clients understand what those changes mean for their properties and real estate decisions.

Read the Full Q3 2026 Market Report

Our full Q3 2026 San Diego Commercial Real Estate Market Report includes additional market data, recent PCC highlights, local commercial real estate news, and insights from our team.

Read the full report: https://pacificcoastcommercial.aflip.in/sdcre-marketreport-Q3-2026-contactus.html

Whether you own, lease, invest, or simply keep an eye on the market, there’s plenty worth watching as we head into Q4.

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