Make That Six Straight Quarters of Growth
The San Diego County office market’s found its legs. In Q2, office leasing was up countywide by 16% over the first quarter, and San Diego County has seen six consecutive quarters of rent growth, according to JLL. There's spec office underway now, and there will likely be more, the firm's Southwest research guru Eli Gilbert tells us, but at a very measured pace over the next 12 to 18 months (if vacancies continue to tighten). Most submarkets are already tightening, and investors have taken note. This week Madison Core Property Fund/New York Life acquired the 97k SF Centerpoint Plaza at 5901 Priestly Dr in Carlsbad, which is 93% leased. Colliers International repped the seller, Muller Centerpoint.