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CARLSBAD, CA—Despite Carlsbad, CA's growth as a North County creative-office hub, no land exists to build office product, and significant vacancy still exists in the traditional office arena, CBRE VP Larry Cambra tells GlobeSt.com. Cambra and fellow CBRE office expert Roger Carlson will be handling leasing for Aston Point, the first speculative-office building to come to Carlsbad in more than 10 years—and one of the last, at least for a while.
“Aston Point, along with Lift in Bressi Ranch, will be the extent of new spec-office construction we will see in Carlsbad,” says Cambra. “No land exists to build office product, and Carlsbad still has significant vacancy in the traditional office arena, so only the most unique sites and projects will be able to compete. Over time and based on demand, we will likely see additional flex-building conversions to creative office that can accommodate office parking.”
Aston Point, under construction by Burke Development, will be a 48,954-square-foot office building “purposely built for tenants who want to be located in North County and desire open loft-style floor plans, high ceilings and lots of natural light with views of the ocean and Crossings Golf Course,” Cambria says. “Carlsbad is a lifestyle location f or companies with employees who want to take advantage of the great outdoors. It's a unique place because you could schedule a surf session or a mountain-bike ride with a client and do those activities on your lunch hour.”
William Skinner & Associates is designing the modern, two-story building, which will offer 5,000 square feet of outdoor patio area and collaborative space and Pacific Ocean views. Miller Contracting Co. started the project in April, and the building should be completed in November.
“North County has seen much of its office demand focused on modern and creative-office spaces—we believe this trend is here to stay, and there is a lack of quality options of this product type in North County,” says Mike Coady, VP of development and acquisitions for Burke Development.
Aston Point is two miles from the I-5 and five minutes from the Pacific Ocean. The property is also within walking distance to the Island at Carlsbad, a food court and retail center that has recently been renovated and includes more than 20 businesses, nine of which are eateries.
San Diego office market fundamentals were trending positively in Q2 2017, according to CBRE Research. Average asking lease rates increased among all classes, vacancy reached a post-recession low, and net absorption was strong.
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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.
