By most measures, San Diego's office market is firing on all cylinders. Net absorption picked up in the first quarter, 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 that number 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...(click for full report).
12 Mo. Deliveries in SF: 916 K
12 Mo. Net Absorption in S: 582 K
Vacancy Rate: 9.6%
12 Mo. Rent Growth: 3.2%
Not only did vacancy across the region's warehouse, distribution, and flex buildings hit a historic low in 2018, annual rent growth increased year-over-year, net new supply reached a decade high, and 12-month net absorption, again, approached 1.5 million SF and that momentum has carried over into 2019. Vacancies remained low, trailing 12-month absorption hit 1.5 million SF, and rent growth showed no signs of decelerating in the first quarter...(click for full report).
12 Mo. Deliveries in SF: 3.5M
12 Mo. Net Absorption in SF: 972K
Vacancy Rate: 5.4%
12 Mo. Rent Growth:6.5%
Strong demand drivers would 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, near $80,000, continue to grow above the rate of inflation...(click for full report).
12 Mo. Deliveries in SF: 497K
12 Mo. Net Absorption in SF: (3K)
Vacancy Rate: 3.9%
12 Mo. Rent Growth: 1.2%
Vacancies are in line with the long-term average, and rent growth recovered in the first quarter, after quarterly rents fell at the end of 2018. That is after San Diego finished a year that may best be described as one of equilibrium. Vacancies remained low, annual rent growth remained above the long-term average, and the county added more than 4,200 market-rate units for the first time since the recession...(click for full report).
12 Mo. Delivered Units: 3,901
12 Mo. Absorption Units: 3,338
Vacancy Rate: 4.4%
12 Mo. Rent Growth: 2.4%
All stats and information are provided through the Costar San Diego Market Reports.
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