San Diego average asking rents have rebounded with significant growth post-recession, but which submarket is the champion?
- Since 2010, San Diego office asking rents in all submarkets have rebounded substantially from the fallout of the Great Recession resulting in the overall market average asking rents premium of 28.9 percent. The Cinderella story in the tournament was the Oceanside submarket making it to the Final Four with a total of 1.1 million square feet in inventory.
- Asking rent growth in the major submarkets the last year has leveled off for the most part, with the exception of Rancho Bernardo’s 14.2 percent year-over-year increase. Rancho Bernardo has seen robust growth both in the healthcare and aerospace industries over the last few years.
- Mission Valley and La Jolla both have seen nearly 20 percent rent growth in the last five years. With Mission Valley’s centralized trolley-accessible location and La Jolla’s prestige status being the major factors eliciting high demand from tenants.
Senior Research Analyst
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