July 21, 2017
The lack of speculative office development in Downtown San Diego over the past decade has led to diminishing vacancy and upward pressure on rents. Those findings came out in JLL’s annual 2017 Skyline report that looks at office space within some of the tallest buildings in 57 markets across North America.
Following four sales in 2016, 65% of the San Diego Skyline office buildings have sold since the current recovery began in 2010. Two companies own 50% of the San Diego Skyline office buildings.
JLL’s Bob Prendergast says, “Investor activity for San Diego Skyline office buildings remains consistent with nearly one million square feet expected to sell in 2017, following 1.2 million square feet trading hands in 2016.” Increased interest and low availability is pushing investors towards alternative investments, he notes
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