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Growth Forecast for San Diego Office

SAN DIEGO-The city has swiped the number two slot in Marcus & Millichap's National Office Index for the second year in a row, being outranked only by Washington, DC.

By Erin Cassin | Updated on November 20, 2003

SAN DIEGO-With perhaps the highest effective rent growth forecast in the nation, the city’s office market has swiped the number two slot in Marcus & Millichap Real Estate Investment Brokerage Co.’s National Office Index for the second year in a row.

The index, which Marcus & Millichap’s researchers call a “snapshot analysis,” ranks 38 office markets nationwide based on a series of 12-month “forward-looking supply and demand indicators” including forecast employment and rent growth, vacancy, construction and absorption.

“San Diego’s economic diversity has allowed the office market to maintain its high-ranking performance,” says Kent Williams, vice president and regional manager of Marcus & Millichap’s local office. “Job growth and rising absorption have set the stage for marked improvement in San Diego’s office market for 2004, and office values will continue increasing over the short term.”

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