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With over 3,000 hotel rooms under construction, development is on pace to deliver the highest volume in 10 years/1086/san-diego-8-6-18-hotel-room-construction<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/hotel-room-modern-interior.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/1086/san-diego-8-6-18-hotel-room-constructionWith over 3,000 hotel rooms under construction, development is on pace to deliver the highest volume in 10 yearsHotel developers are confident that San Diego will continue to be “America’s finest city” attributable to prominent tourist attractions such as, beautiful beaches, Comic-Con convention, theme parks and dynamic breweries.
Sorrento Mesa has highest leasing volume and average size leases, while Mission Valley’s small to midsize leasing is robust/1051/san-diego-7-23-18-sorrento-mesa-leasing<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/abstract-office-sky-building.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/1051/san-diego-7-23-18-sorrento-mesa-leasingSorrento Mesa has highest leasing volume and average size leases, while Mission Valley’s small to midsize leasing is robustSince 2013, the Sorrento Mesa/Valley and UTC/Eastgate submarkets have seen a combined 12.2 million square feet of new and renewal leasing activity.
Office leasing for Sorrento Valley/Mesa is dominated by innovation industries, while Del Mar and UTC financial services are robust/1022/san-diego-7-9-18-inovation-industries-dominate-office-leasing<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-browsing-a-tablet-and-touching-screen-with-finger-outdoors-jll.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/1022/san-diego-7-9-18-inovation-industries-dominate-office-leasingOffice leasing for Sorrento Valley/Mesa is dominated by innovation industries, while Del Mar and UTC financial services are robustOver the last five years, the financial services industry, which comprises of insurance and real estate, as well as banking and financial services, was a robust driver of the office market, particularly in the UTC/Eastgate and Del Mar Heights submarkets.
San Diego County’s asking rents and development are up for the bulk of all property types/982/san-diego-6-11-18-county-key-market-indicators<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/abstract-steel-industrial-office.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/982/san-diego-6-11-18-county-key-market-indicatorsSan Diego County’s asking rents and development are up for the bulk of all property typesThroughout San Diego, all commercial real estate property segments have seen an increase in average asking rents year over year.
San Diego County unemployment rate drops to an 18 year low at 3.2 percent /956/san-diego-5-29-18-unemploymnet-rates-drop<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-meeting.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/956/san-diego-5-29-18-unemploymnet-rates-dropSan Diego County unemployment rate drops to an 18 year low at 3.2 percent In the first quarter of 2018, San Diego County hit an 18 year low unemployment rate of 3.2%.
While overall asking rents are still on the rise, Class B started the year off continuing to outperform Class A/920/san-diego-5-14-18-class-b-outperforming<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-prospective-view-modern-skyscrapers.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/920/san-diego-5-14-18-class-b-outperformingWhile overall asking rents are still on the rise, Class B started the year off continuing to outperform Class AThe last two years are bucking the historical trend for Class A demand, indicating why average asking rents are flattening out for Class A since demand has come mostly from the Class B segment.