SAN DIEGO-San Diego's overall vacancy rate decreased 100 basis points during 2013, to 14.2%, according to CBRE Econometric Advisors. Although 2013 was a strong year overall, tenants seemed to be skeptical about the economy during the fourth quarter and did not pursue as many deals as they had previously.
But one more thing that is an increasing priority for San Diego tenants is parking. According to the firm's recent San Diego report, parking is an issue that has become a main concern. Requirements for parking at 5/1,000 are continuing to increase.
According to CBRE, "landlords who are able to offer this have been able to charge a premium." In addition, some major tenants are even considering 10/1,000 parking, says the firm, "as they take advantage of the efficiencies of creative office space to maximize their space usage and promote a collaborative environment."
In other San Diego research news, the firm says that in office-using industries, growth of 3.4% is projected through year-end 2014. In late 2014, office employment should surpass the 2006 peak and continue to grow at an average annual rate of 2.4% for the next five years.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
