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San Diego office property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking Rent | |
|---|---|---|---|---|
| San Diego Class A | 13.8% | 16.2% | 32,069,985 | $3.79 |
| San Diego Class B | 11.1% | 12.7% | 33,357,381 | $2.84 |
| San Diego Class C | 10.2% | 10.5% | 12,291,160 | $2.41 |
| Total San Diego Downtown | 22.5% | 23.3% | 12,827,168 | $3.33 |
| Total San Diego Market | 12.1% | 13.8% | 77,718,526 | $3.25 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
Cities and neighborhoods in this market include Central San Diego, Downtown, East County, North County, South San Diego, and Southwest Riverside.
San Diego County hotel property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| UNITED STATES DATA | Total | Change From 2019 |
|---|---|---|
| Occupancy | 62.70% | -4.90% |
| ADR | $149.00 | 13.6% |
| RevPAR | $93.27 | 8.10% |
Analysis By WPA 2023
Data By STR, TE, February 3, 2023 (Published), As of December 31, 2022
2022 Year End Indicators
* Uneven, non-linear recovery across industry segments.
* Overall construction pipeline activity is down. Some December 2022 growth in construction is seen.
San Diego County retail building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Vacancy % | Total Inventory SF | Average Asking NNN Rent | |
|---|---|---|---|
| Central San Diego | 3.00% | 17,014,773 | $3.27 |
| Downtown | 12.20% | 731,235 | $3.42 |
| East County | 4.80% | 11,278,546 | $1.65 |
| North County | 5.50% | 21,877,887 | $2.47 |
| South San Diego | 4.80% | 9,887,821 | $2.08 |
| Southwest Southwest Riverside | 6.30% | 9,221,177 | $2.01 |
| Total San Diego/Southwest Riverside Retail Market | 4.90% | 70,011,439 | $2.36 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
The largest cities in San Diego County by population are: San Diego, Chula Vista, Oceanside, Escondido, Carlsbad, El Cajon, Vista, San Marcos, Encinitas, National City, La Mesa, and Santee.
San Diego County industrial building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Asking Rent Low Finish | Asking Rent High Finish | |
|---|---|---|---|---|---|
| Central San Diego | 2.50% | 5.80% | 65,456,344 | $1.58 | $2.04 |
| East County | 2.80% | 3.50% | 15,124,811 | $1.29 | $1.42 |
| North County | 3.50% | 6.30% | 53,786,292 | $1.30 | $1.41 |
| South San Diego | 3.60% | 5.50% | 37,217,980 | $1.30 | $1.19 |
| Southwest Riverside | 2.80% | 5.10% | 15,041,853 | $1.07 | $1.12 |
| Total Low Finish | 3.00% | 5.40% | 153,169,861 | $1.37 | N/A |
| Total High Finish | 3.50% | 7.10% | 33,457,419 | N/A | $1.80 |
| Total Industrial Market - San Diego | 3.10% | 5.70% | 186,627,280 | $1.37 | $1.80 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
The largest cities in San Diego County by population are: San Diego, Chula Vista, Oceanside, Escondido, Carlsbad, El Cajon, Vista, San Marcos, Encinitas, National City, La Mesa, and Santee.
San Diego multi-family building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Total | |
|---|---|
| Vacancy | 3.60% |
| Average Effective Market Rent | $2,754 |
| Y-O-Y Avg. Effective Rent Increase | 9.50% |
| Construction Units Completed (Past 12 Mos.) | 3,167 Units |
| % Increase in Inventory (Past 12 Mos.) | 1.30% |
Analysis By WPA 2023
Data By Marcus & Millichap 2023
The largest cities in San Diego County by population are: San Diego, Chula Vista, Oceanside, Escondido, Carlsbad, El Cajon, Vista, San Marcos, Encinitas, National City, La Mesa, and Santee.
San Diego County fronts on the Pacific Ocean, and borders Orange and Riverside Counties at its north side, Imperial County to the east, and the Mexican border to the south. The City of San Diego is the largest in the county bearing its name.
The San Diego office market overall reached 12.1% vacancy and 13.8% availability in the first quarter of 2023. However, vacancy was considerably higher in the downtown, reaching 22.5% vacancy and 23.3% availability. Similarly, absorption descended to a deeper negative and for the market overall occupancy lost 874,036 square feet, of which 116,684 square feet were due to downtown occupancy losses.
The greatest vacancy and availabilities have been experienced in the downtown area and the north county area, with inventory of 12,827,168 square feet and 11,295,391 square feet, respectively, comprising a significant portion of the total county inventory of 77,718,526 square feet. Vacancy and availability reached 13.7% in the north county, compared with the downtown total of 23.3%.
Absorption has been negative for three quarters as of first quarter 2023, and this trend is anticipated to continue. Sublease space is reaching the highest percentage in decades, whereas subleasing has long been a negligible portion of the market previously.
By Asset Class, the greatest vacancy and availability was in Class A space, at 16.7%, whereas Class B space was 12.7%, and Class C was 10.5%. Though Class C total fared somewhat better than Class A and Class B area, it comprises only 12.3 million square feet of the total San Diego Market of 77.7 million square feet.
Rising sublease trends are seen in the market increasing total office availabilities. Vacancy and availabilities are most prevalent in the downtown and Class A markets. Rising Federal funds rates driving up lending costs and prospects of a weakening economy have been taking their toll on office occupancy as of the first quarter of 2023.
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