1. Why are San Diego tenants looking outside the CBD for office expansion opportunities?
2. What are the hottest amenities that office tenants are demanding in their spaces?
3. How will Manchester Pacific Gateway's $1.3B, 2.9M SF mixed-use development impact office fundamentals?
4. What submarkets are tenants with large space requirements looking at?
5. As SD Office rent growth outpaces the rest of the country, how will this impact the next wave of tenants into the market?
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Future of Downtown SD Office
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Suburban Office Trends
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The Westin San Diego Gaslamp Quarter
910 Broadway Circle
San Diego CA 92101
Ballroom: San Diego Ballroom, 4th Floor
Discount Valet Rate: $18.00
Spreckels Garage 121 Broadway: Early Bird Special $12.00 (In before 9:30AM)
*Pricing Subject to Change*
For the first time since the recession, ground-up speculative office construction reached downtown San Diego in 2017. Office developments in the downtown CBD are reflective of lifestyle-focused products with Manchester Pacific Gateway's $1.3B mixed-use project that will host a 17-story building to serve the U.S. Navy headquarters, four office buildings, two hotels, a museum, a retail promenade, and a 1.9 acre park. Further, Makers Quarter will add an additional 971k SF of office space over the next 5 years with hipster hangouts, sunshaded offices, and co-working housing.
According to a Q42017 market trends research report by VOIT Real Estate Services, "sale and lease transactions totaled 4 million square feet in the fourth quarter, a slight increase from the fourth quarter total of the prior year." However, the article goes on to state that, "the levels of office construction[in SD] are significantly below the annual average of 2,400,000 square feet seen from 2000 through 2008."
Commercial Cafe Director of Business Intelligence says there is a lack of development opportunities in SD CBD, which has pushed growing med-tech industries north into submarkets outside of the CBD.
Is the downtown CBD office market in SD nearing the end of its cycle? Are there opportunities in UTC, Carmel Valley, and Del Mar Heights to develop new office product?
Join Bisnow to find out!