More Spec on the Way for Murphy?
One down, one more to go for Murphy Development's long-running Siempre Viva Business Park.
Murphy has broken ground finally on its next-to-last project at the Otay Mesa project—a 122k SF industrial building at 2600 Melskee St. That means San Diego-based Murphy only has a parcel site for a 79k SF industrial building that when completed will close out its 2.1M SF Siempre Viva Business Park. It's still a gamble for Murphy, with the firm banking on Otay Mesa's tightening fundamentals by going spec on what is called Building 18, which will be focused on manufacturing and distribution tenants.
We spoke with Murphy's Kaitlin Murphy about the project, first hinted to us earlier this year. When will they finish? Depending on how quickly the firm can fill up Building 18, Murphy could go spec on not only the last Siempre Viva facility, but also move forward spec on its other Otay Mesa project, Brown Field Technology Park, a 50-acre parcel near Brown Field Municipal Airport that can ultimately contain 1M SF of space.
But that may be not all. Murphy also is still eyeing the possibility of going spec on the office side, at its planned 700k SF Scripps Ranch life science office campus. Kaitlin says the firm is considering spec there on at least the first building, but market fundamentals still need to continue heading in the right direction for the tipping point. While there's been some negative news on the office front, headlined by Qualcomm's struggles, Kaitlin says there's been a lot of activity on the life sciences side. And since San Diego was the last to the recovery dance, she says she sees more economic runway than other SoCal cities.