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San Diego Investment Market Slows in 2017, but Still ‘Above Average’
For the third straight year, despite a slowdown from recent years, San Diego’s capital markets sector proved to be ‘above average,’ according to a report by Cushman & Wakefield. Sales volume in San Diego for properties $10 million and greater reached $5.7 billion in 2017, lifted by a much more active second half.
Last year came in a bit below the $6.7 billion transacted in 2016, and $6.6 billion in 2015. Total annual deal volume in San Diego has remained above the 15-year annual average of $4.7 billion for the last three consecutive years.
Cushman & Wakefield researcher Jolanta Campion says, “In 2017, sales volume for all product types combined declined by 14% year-over-year, compared to 2016 with retail investment sales accounting for the greatest decrease (-51%), followed by office (-23%) and multi-family (-0.6%).”
The industrial sector’s standout year was reflected in the fact it was the only major property sector to post growth in deal activity for the year (+30%). The multifamily sector accounted for the highest sales volume among all property types at $2.1 billion or 38% of the total sales, followed by office at $1.9 billion (33%).
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