SAN DIEGO—As the creative-office trend hits large blocks of space here, it would be nice to start seeing it trickle down to multitenant buildings in San Diego, Colliers International's associate VP Derek Applbaum tells GlobeSt.com. After the firm released its third-quarter office report for San Diego, we spoke exclusively with Applbaum about the data and what stands out the most for him as we move further into the final quarter of the year.
GlobeSt.com: What stands out for you the most about your firm's recent San Diego office report?
Applbaum: What stands out the most for me starts with 1.1 million of net absorption so far this year. From a countywide standpoint, asking rates have continued to go on the rise, and if you get granular, many markets are getting close to pre-recession peak rates. In Mission Valley, the highest-priced building was leasing in the $3.25- to $3.35-per-square-foot range in 2006 and is now at the $3.15 or $3-plus-electric range right now. There are single-digit vacancies in some markets.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
