SAN DIEGO—The first quarter of the year marked the 11th straight quarter of positive rent office rent growth, with rents countywide increasing 5.3% year-over-year, according to a recent report from Jones Lang LaSalle's Southern California offices.
The supply of large blocks and high-end class A space continued their decline during the period, which is one of factors that is boosting rents, according to the firm's First Quarter San Diego Officer Report:
While there remains areas of value and opportunity in lower-demand submarkets, rents in these submarkets are also seeing robust growth. Kearny Mesa, while still a more affordable submarket, had the highest year-over-year rent growth at 8.9%.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
