First Spec Office In 10 Years Rising In Carlsbad
Burke Development is building a 49K SF office building, Aston Point, in Carlsbad, the first speculative office development in this North San Diego County city in more than 10 years. Designed by William Skinner & Associates, the two-story office project is two miles west of Interstate 5 and features views of the Pacific Ocean and Crossings Golf Course from collaborative workspaces and a 5K SF outdoor patio. Miller Contracting is scheduled to complete construction in November.
There are few modern, creative office space options in North San Diego County like Ashton Point, but lots of demand, CBRE Vice President Larry Cambra said. Cambra and Roger Carlson are serving as leasing experts for the project. Cambra said this project offers open loft-style floor plans, high ceilings and lots of natural light. It also is within a short walk of retail amenities at the Island at Carlsbad, a newly renovated retail center that includes nine eateries.
With unemployment falling to 3.6% in Q2 2017, the San Diego region’s office market continued on a strong course, with nearly 350K SF absorbed, bringing the yearly total to nearly 542K SF, CBRE reports. The market tightened as vacancy dropped to 11% overall for Class-A assets and down to 9.6% for Class-B, while the average asking rents rose $0.04 quarter-over-quarter to $2.84/SF — an all-time high for San Diego. Class-A and B rates increased $0.02 and $0.03, respectively.