May 16, 2017 Comments Off on Spec Office Development Returns to San Diego Views: 425 California News, San Diego

Spec Office Development Returns to San Diego

Cushman & Wakefield’s latest report on San Diego’s new office construction reveals there’s 1.5 million square feet of space under construction countywide, representing 1.9% of the total office inventory. Among the 14 projects in the pipeline, seven have commitments in place, and six are 100% preleased, bringing the overall preleasing level to 63%.

Other highlights of C&W’s Q1 2017 future office supply report includes:

  • 75%, or 1.1 million square feet, of under construction space will be delivered in Central County submarkets
  • Speculative construction surpassed BTS. Nearly 860,000 square feet of spec development is under construction compared to 593,925 square feet of BTS product
  • San Diego’s office inventory is rapidly aging, with 66% of current existing inventory built before 1990
  • Uptick in redevelopment as a result of aging inventory
  • 616,756 square feet, or 42.4%, of projects under construction are redevelopments

Read more at Cushman & Wakefield Future Office Supply Report

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