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SAN DIEGO—With some 300,000 square feet of new office buildings set to deliver all over San Diego County, absorption might be dampened, but overall the market is looking healthy, Colliers International VP Derek Applbaum tells GlobeSt.com. According to a recent report from the firm, speculative office construction is picking up, with 731,457 square feet to be completed this year and in 2018.
The report also found that 2017 began with slightly negative countywide net absorption of -58,325 square feet, and the average asking rental rate countywide increased to its highest achieved rate in the last eight years of $2.59 per square foot per month.
We spoke with Applbaum about the report's findings and the dynamics between office deliveries and absorption.
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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.
