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San Diego Market Reports

San Diego Office Market

Average Asking Rent (Price/SF/Mo) $2.89
Vacancy Rate (%) 11.9%
Net Absorption (SF) 130,957

Known mostly for its multi-family development this cycle, Downtown San Diego's property owners are now looking to improve the office market and attract large, high-profile tenants with modern, creative space. San Diego has one of the nation's worst reverse commutes for major city downtowns, and a lack of desirable blocks of space is partly to blame. Land for development in the submarket is rare and expensive, leading some property owners to redevelop to satisfy modern demand.

San Diego Industrial Market

Average Asking Rent (Price/SF/Mo) $1.05
Vacancy Rate (%) 5.0%
Net Absorption (SF) -84,058

San Diego saw record-breaking construction volumes in the past few years, but groundbreakings this quarter indicate that developers remain bullish on tenant demand in the market. More than 3.3 million square feet of speculative product has delivered since 2018, and under construction volume remains well above average. Despite rising construction costs, land prices and entitlement barriers, industrial development is firing on all cylinders.

San Diego Office Market Report
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San Diego Industrial Market Report
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