Why Demand, Rents are Soaring in San Diego
There's one thing DTZ's Brett Ward can say about the UTC and Del Mar Heights office markets: Both are very strong right now. And that health, along with what challenges the market faces, will be discussed by Brett and the rest of our all-star panelists at Bisnow's San Diego Investment Summit Thursday, April 23, at The Heights at Del Mar, starting at 8am. (Sign up here.)
Brett tells us he's working with Kilroy Realty to lease up its 75k SF The Heights at Del Mar spec office project. He says the development isn't done, but there is "good activity." And for good reason: There are very few big blocks of contiguous office space in the submarket left at this point, which has been pushing up rents.
Another panelist will be Kilroy's Jamas Gwilliam, who tells us SoCal's recent water troubles and rationing have yet to affect investor demand for properties. But it could be an issue in the future, he warns, if it “begins to affect the bottom line for tenants and investors.” At that point, Jamas predicts it will be a battle between increasing costs or investing in innovative technologies to increase supply.
Brett and Jamas are among the commercial RE luminaries you can hear from at our San Diego Investment Summit next week. Others include Kilroy CEO John Kilroy (here with Allen Matkins' Tony Natsis), Sudberry Properties CEO Colton Sudberry, BioMed Realty VP Tracy Murphy and John Hancock Real Estate director Parker Jones. Join us at Bisnow's San Diego Investment Summit Thursday, April 23, at The Heights at Del Mar, starting at 8am. (Sign up here.)