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San Diego Market Overview - 4th Quarter 2019

Information Provided By: Costar Market Statistic & Analytic Reports

OFFICE

San Diego posted its first quarter of negative absorption in more than a year in 19Q3. Even so, the vacancy rate ended the quarter below 10% for the sixth straight quarter, and reached a post-recession low during 19Q4. ...(click for full report).


12 Mo. Deliveries in SF 537 K


12 Mo. Net Absorption in SF

554 K


Vacancy Rate

9.5%


12 Mo. Rent Growth

2.9%


INDUSTRIAL

With a wall of supply arriving in San Diego since the end of 2018, the vacancy rate ticked up to its highest level in three years at the conclusion of 19Q3. The county has added more net new supply in the past six quarters than during any other stretch since the recession. While net absorption through the first half of 2019 remained positive, 19Q3 was the first quarter to record negative absorption since the end of 2018...(click for full report).


12 Mo. Deliveries in SF 1.5 M


12 Mo. Net Absorption in SF

269 K


Vacancy Rate

5.5%


12 Mo. Rent Growth

5.3%



RETAIL

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 still rising faster than the rate of inflation, which also boosts local buying power...(click for full report).


12 Mo. Deliveries in SF 433 K


12 Mo. Net Absorption in SF

82.2 K


Vacancy Rate

3.8%


12 Mo. Rent Growth

3.7%



MULTIFAMILY

Net absorption outpaced deliveries in 19Q3 for the third straight quarter, and occupancies remained in line with the long-term average. However, annual rent growth still fell below the long-term average in 2019 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 majority of the forecast as concerns over affordability spread across the region...(click for full report).


12 Mo. Deliveries in SF 3,987


12 Mo. Net Absorption in SF

3,042


Vacancy Rate

5.1%


12 Mo. Rent Growth

3.0%


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