Regional Summaries

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San Diego, CA

The 190,847-unit market-rate, investment grade San Diego apartment market finished the first quarter of 2017 with very low vacancy, but rent gains stalled. San Diego’s first quarter 2017 vacancy rate was 3.1%, according to Reis, unchanged from the prior quarter and up 20 from 12 months earlier. Vacancy has been below the 5.0% mark at year-end since 1995. Average asking and effective rents were flat and down 0.2%, respectively, in the first quarter of 2017. The current rates are $1,672 and $1,623 per month. These rates are up 4.3% and 4.2% over 12 months. For all of 2016, asking and effective rents rose 4.7% and 4.2%, respectively, solid annual performances for both categories. VIEW APARTMENT LISTINGS >
Rents for Reis’s San Diego warehouse/distribution and Flex/R&D markets showed healthy growth in the first quarter of 2017. Occupancy improved for Flex/R&D space as well as for warehouse/distribution space. Reis reports an 8.6% vacancy rate for 70.2 million square feet of warehouse/distribution space in San Diego County in the first quarter of 2017. The rate is down 40 basis points for the quarter and down 90 over 12 months. San Diego’s Flex/R&D and warehouse/distribution rents both posted gains in the first quarter of 2017. For warehouse/distribution space, Reis reports the quarter ended with asking and effective rents of $8.04 psf and $7.32 psf, up 0.9% and 0.8% over the quarter, respectively, and up 2.7% and 3.0% over 12 months. For 38.8 million square feet of Flex/R&D space, Reis reports a first quarter 2017 vacancy rate of 12.0%, down 90 basis points from the prior quarter and down 60 over 12 months. Flex/R&D asking and effective rents ended the first quarter at $12.58 psf and $11.18 psf, up 0.8% and 0.9% over the quarter, and up 2.5% and 2.8% over 12 months. VIEW INDUSTRIAL LISTINGS >
The San Diego general purpose, multi-tenant office market started 2017 with moderate rent growth and slightly declining occupancy, while the rate itself remains in the double digits. Net absorption was negative, however, as this market continued to struggle with irregular demand. Reis reports a first quarter 2017 vacancy rate of 14.3%, up 20 basis points over the quarter and down 30 over the year. San Diego office rents posted another round of gains in the first quarter, starting the year off well. Reis reports the average asking and effective rents both rose 0.5% during the quarter to $31.53 psf and $25.65 psf. The rates are up 1.8% and 1.9%, respectively, over 12 months. VIEW OFFICE LISTINGS >
Reis reports a first quarter of 2017 San Diego community-neighborhood shopping center market vacancy rate of 6.1%, down 10 basis points from the prior quarter and down 60 from one year earlier. Community-neighborhood shopping center rents showed modest growth for both asking and effective rates during the first quarter. These rates were reported by Reis at $31.27 psf and $28.20 psf, both up 0.2% over the quarter, and up 1.9% asking and 2.1% effective over 12 months. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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