According to CoStar Group, the Central San Diego market is comprised of the following communities:
- College Area
- Kearny Mesa
- Mission Gorge
- Mission Valley
- Old Town/Sports Arena/Point Loma
- Park East (which includes areas such as North Park, South Park, Golden Hill, etc.)
- Pacific Beach/Rose Canyon/Morena Blvd.
- Uptown East (which includes University Heights, Kensington, etc.)
- Uptown West/Park West (which includes areas such as Mission Hills, Hillcrest, etc.)
Here is a map delineating this cluster of submarkets.
Out of the three property types, the office market has performed the strongest in 2014. The average asking rental rate increased 6%, and the vacancy rate has dropped by 60 basis points. No office properties are currently under construction in this area, but there are six proposed properties planned in Mission Valley. Going into 2015, the office market is expected to continue to improve.
Industrial properties in Central San Diego have had the second best performance in 2014 with an average rental rate increase of almost 5%. While the vacancy rate increased slightly since the first quarter, it is still relatively low at 4.4%. Industrial properties in this submarket benefit from the central location and convenient access to several freeways. This combined with the fact that there is no industrial product planned or under construction in Central San Diego will continue to benefit existing inventory.
The retail market in Central San Diego has remained relatively stable in 2014, with the average rental rate even dropping by 0.5%. That said, the vacancy rate continues to be relatively low at 3.0% (dropping 50 basis points from the beginning of the year). According to CoStar, there are three properties currently under construction in this submarket and 12 proposed properties. Even though the rental rate has dropped, the low vacancy rate and apparent demand for retail space will positive affect the retail market.
Overall, the Central San Diego market has generally improved over the course of the year. In the immediate future, we expect market conditions for all three property types to continue to improve.Social tagging: 2014 san diego real estate > College Area real estate appraiser > Golden Hill real estate appraiser > Hillcrest real estate appraiser > industrial appraiser > Kearny Mesa real estate appraiser > Kensington real estate appraiser > Mission Gorge real estate appraiser > Mission Hills real estate appraiser > Mission Valley real estate appraiser > North Park real estate appraiser > office appraiser > Old Town real estate appraiser > Pacific Beach real estate appraiser > Point Loma real estate appraiser > retail appraiser > San Diego Commercial Real Estate Appraisal > san diego market trends > South Park real estate appraiser > Sports Arena real estate appraiser > University Heights real estate appraiser