Burnham Reports Positive Outlook for Mission Valley Office Market

SAN DIEGO-Mission Valley continues to be one of the strongest office markets in San Diego, according to newly released research by Burnham Real Estate. The report cites the overall office vacancy here as 7.1%, which the brokerage’s researchers say is the lowest office vacancy reported among the county’s major office suburban submarkets. For class A office product, the overall vacancy rate in Mission Valley is 8.8%, which is “the lowest of all major suburban markets,” according to the Burnham report.”I think the overall thing that impacts the low vacancy in Mission Valley is the nature of the companies that are there, such as defense and insurance firms,” says Patrick Rohan, a senior vice president and office specialist with Burnham Real Estate. “They tend to be pretty stable companies that don’t move around much,” Rohan tells GlobeSt.com.All of the office space that has come online in Mission Valley since 1999 has been “well received,” points out Burnham vice president Jim Laing. According to the firm’s researchers, 732,956 sf of new office space has been added over the past five years, with more than half of it coming on line in 2000. Presently, there is only 100,670 sf of office space under way in Mission Valley. This new product is rising in Mission Valley Heights in two speculative buildings and in a new build-to-suit corporate headquarters for Mission Valley. “The two spec buildings mark the final phase of Mission Valley Heights, a project that exemplifies the carefully timed development that has helped ensure Mission Valley’s stability,” the Burnham report says.