Excerpt from article: San Diego County’s office market was strong in the first quarter of this year, reversing the trend of increasing vacancy and boosting asking rents.
- In the first quarter, San Diego County office vacancy dropped by 42 basis points from Q4 2015 to 12.4%, according to Colliers International’s office report, which tracks transaction by occupancy date. Average asking rental rates increased 4.3% to $2.44/SF
- “If you create the right environment, which helps companies retain and attract the best talent, and you deliver a quality product to meet the needs of tenants, they are often willing to pay a premium,” Derek contends. “Most of these newly revitalized projects have average asking rates of $2.25/SF/month NNN, which equates to approximately $3/SF/month plus electricity.”
- It’s a good time for the office market right now, and all the major metrics point to continued growth over the next few years,” Derek says.
Citation and Link: Kirk, Patricia. “Economic Growth is Driving Tightening San Diego Office Market.” BisNow. 21 Apr. 2016. Web. 9 May 2016.
Picture Citation and Link: Kirk, Patricia. “Economic Growth is Driving Tightening San Diego Office Market.” BisNow. 21 Apr. 2016. Web. 9 May 2016.