San Diego Snapshot – October 2, 2017

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Office asking rental rates hit all time high

  • Class A average monthly asking rental rates are now $3.25 per square foot Full Service Gross (FSG), having surpassed the previous peak at $3.23 FSG reached in 2007. Overall asking rates for Class A and B remain robust with 28 percent growth since the recession.
  • Class B absorption increased by 356,490 through the first half of 2017, signifying rents will surely increase in this segment.
  • The scientific and technical sectors expanding and relocating to the Del Mar, UTC/Eastgate, and Downtown submarkets have been the driving force for rent premiums. Newly delivered Torrey Point has set a new high water mark with asking rates at $5.00, 76 percent higher than the Class A overall average.

Patrick Ashton
Senior Research Analyst
858 410 6346
patrick.ashton@am.jll.com

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