Report: San Diego Retail Market Posts Strong Third Quarter
The San Diego retail sector continues its post-pandemic rebound, as overall vacancy was a healthy 5.0% in Q3, down from a mark of 6.3% a year ago, according to a new report from Cushman & Wakefield. In addition, occupancy growth was a solid 342,000 square feet, for a year-to-date total of +885,000 square feet.
Neighborhood retail centers absorbed the most space at 196,000 square feet, followed by community centers, strip centers, power centers and lifestyle centers. Regional centers posted a 19,000-square-foot negative absorption.“Well located centers continue to have pricing power on the leasing front. Additionally, tenant’s continue to report strong sales in the neighborhood shopping center segment,” said CushWake Managing Director Phil Lyons.
San Diego County asking rents increased slightly in Q3 at $2.10 per square foot on a monthly triple net basis, up 1.4% quarter-over quarter. Meanwhile, sales volume was $276 million, a 2.3% drop from Q2’s $282 million.
Dive into “all things retail” at Connect Retail West on November 9th at the Luxe Sunset Boulevard Hotel in Los Angeles. Details and registration info here.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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