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San Diego Market Overview - 3rd Quarter 2019

Information Provided By: Costar Market Statistic & Analytic Reports


San Diego is coming off another strong quarter. Net absorption outpaced deliveries during 19Q2 for the second straight quarter. That has helped the market maintain high occupancies, a low availability rate, and sturdy fundamentals. In fact, the vacancy rate matched a post recession low at the end of 19Q2. Carlsbad led San Diego over the past 12 months with the highest net absorption tally, supported by the completion of ViaSat's campus expansion during May. At the same time, trailing 12-month rent growth was above the long-term average...(click for full report).

12 Mo. Deliveries in SF 911 K

12 Mo. Net Absorption in SF

455 K

Vacancy Rate


12 Mo. Rent Growth



Vacancies have ticked up modestly in 2019, as the county has added more supply in the past six quarters than during any other stretch since the recession. It is still within range of the all-time low set after 18Q3, as net absorption ended the first half of 2019 in positive territory. At the same time, annual rent growth across the region's warehouse, distribution, and flex properties was above the long-term average, continuing a trend that has lasted six years. Every submarket in San Diego recorded trailing 12-month rent growth at or above 6% through August...(click for full report).

12 Mo. Deliveries in SF 2.3 M

12 Mo. Net Absorption in SF

79.1 K

Vacancy Rate


12 Mo. Rent Growth



San Diego's job growth has outperformed the U.S. since the recession, and the county has become one of the nation's top life science nodes. San Diego is also a worldwide tourist destination, and those tourists pour billions of dollars into the local economy. Median household incomes are rising faster than the rate of inflation, which boosts local buying power...(click for full report).

12 Mo. Deliveries in SF 561 K

12 Mo. Net Absorption in SF

250 K

Vacancy Rate


12 Mo. Rent Growth



Net absorption outpaced deliveries in 19Q2, and occupancies remained in line with the long-term average. As expected, rent growth picked up in 19Q2 heading into the summer. But annual rent growth still fell below the long-term average earlier this year for the first time since 2012. The weight of record-high rent levels is expected to keep annual rent growth below that historical benchmark through the forecast as concerns over affordability spread across the region...(click for full report).

12 Mo. Deliveries in SF 2,640

12 Mo. Net Absorption in SF


Vacancy Rate


12 Mo. Rent Growth


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