June 11, 2015
It’s becoming a landlord’s market in the retail real estate sector, according to Marcus & Millichap. San Diego County has a tight leasing market and increasing job growth that are leading to its retail superiority.
Asking rents were $22.79 per square foot in the second quarter, up 2.9 percent over the same year-ago period. But there isn’t much room to build new developments.
That could change, though. Westfield’s mall in Carlsbad is getting redeveloped into an open-air center at a cost of $300 million, and Liberty Station is adding a theater and new event space. Additionally, new apartments going up downtown will boost retail sales even more.