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Regional Summaries

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San Diego, CA

Apartment
The 187,469-unit market-rate, investment grade San Diego apartment market finished the fourth quarter of 2015 with continued low vacancy and another round of strong rent gains. The fourth quarter 2015 vacancy rate was 2.9%, according to Reis, up 10 basis points from the prior quarter and up 50 from 12 months earlier. Asking and effective rents posted gains of 0.9% and 1.0% in the fourth quarter, finishing off another year of substantial rent increases. For all of 2015, asking and effective rents rose 4.4% and 4.6%, respectively, to $1,558 per month and $1,534 per month. VIEW APARTMENT LISTINGS >
Industrial
Rent growth was light for Reis’s San Diego warehouse/distribution market in the fourth quarter of 2015, although occupancy was steady. Flex rents had a good year, and occupancy improved. Reis reports a 9.7% vacancy rate for 70.1 million square feet of warehouse/distribution space in San Diego County in the fourth quarter of 2015, up 10 basis points from the prior quarter and down 10 from a year earlier. For warehouse/distribution space, Reis reports the quarter ended with asking and effective rents of $7.79 psf and $7.07 psf, up 0.5% and 0.4% over the quarter and up 1.4% and 1.6% over 12 months. For 38.7 million square feet of Flex/R&D space, Reis reports a fourth quarter 2015 vacancy rate of 12.7%, unchanged from the prior quarter and down 90 over 12 months. Flex/R&D asking and effective rents ended the fourth quarter at $12.19 psf and $10.80 psf, up 0.5% each over the quarter and up 2.4% and 2.6% over 12 months. VIEW INDUSTRIAL LISTINGS >
Office
The San Diego general purpose, multi-tenant office market finished 2015 in typical fashion: rent gains accompanied by high vacancy. Reis reports a fourth quarter 2015 vacancy rate of 14.9%, down 20 basis points over the quarter and down 100 basis points from 12 months earlier. San Diego office rents posted moderate fourth quarter gains, exactly half that of what was recorded in the third quarter. Reis reports the average asking and effective rents rose 0.5% during the fourth quarter to $30.76 psf and $24.96 psf. The rates are up 2.8% and 3.0% over 12 months. VIEW OFFICE LISTINGS >
Retail
Retail rents continued to increase right to the end of 2015 in San Diego, although net absorption finished the year on the negative side. Reis reports a fourth quarter 2015 San Diego community-neighborhood shopping center market vacancy rate of 7.0%, up 70 basis points from the prior quarter and from one year earlier. Community-neighborhood shopping center fourth quarter rent gains were strong, Reis reports, surpassing the 1.0% mark. Average asking and effective rents for community-neighborhood space were reported by Reis at $30.59 psf and $27.52 psf, up 1.5% and 1.4% over the quarter. The gains year-over-year are 2.7% and 2.6%, asking and effective. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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