Office Rental Market
- $39.07 2019 Avg. Asking Rent
- 10.98 % 2019 Avg. Vacancy Rate
- 322,642 2019 Office Completions (Sqft)
- 2,964,217 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- San Diego Class A Office Buildings$44.36
- San Diego Class B Office Buildings$32.60
- CA Class A Office Buildings$51.59
- CA Class B Office Buildings$34.34
- CA Class C Office Buildings$22.62
San Diego, CA Office Asking Rents by Class
2019 OFFICE VACANCY RATES
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Torrey Pines | $58.08 | 11.64 % |
| Carmel Valley | $52.59 | 12.47 % |
| University City | $45.70 | 5.67 % |
| Scripps Ranch | $40.27 | 11.20 % |
| Rancho Bernardo | $38.23 | 8.38 % |
| West San Diego | $36.52 | 7.17 % |
| Downtown | $34.84 | 13.60 % |
| Mission Valley | $34.53 | 8.30 % |
| Sorrento Valley | $33.86 | 11.18 % |
| Kearny Mesa | $30.25 | 10.63 % |
| East San Diego | $29.72 | 5.84 % |
- The lowest office vacancy rate in 2019 in San Diego was 5.67 % in the University City submarket, where asking rents averaged $45.70.
- The highest office vacancy rate in 2019 in San Diego was 13.60 % in the Downtown submarket, where asking rents averaged $34.84.
OFFICE CONSTRUCTION IN San Diego, CA
- San Diego, CA Total Sqft completed in 2019 322,642
- San Diego, CA Total Sqft under construction in 2020 2,964,217
| Building name | Address | Total Sqft | Year built |
|---|---|---|---|
| One America Plaza | 600 W. Broadway, 92101 | 625,800 | 1991 |
| Rancho Vista Corporate Center - Hewlett-Packard Campus | 16399 West Bernardo Drive, 92127 | 622,211 | 1970 |
| 701 B St. | 701 B St., 92101 | 572,631 | 1982 |
| 701 B Street | 701 B Street, 92101 | 560,329 | 1982 |
| 1 Columbia Place | 401 West A Street, 92101 | 556,943 | 1983 |
| 10210 Genetic Center Drive | 10210 Genetic Center Drive, 92121 | 550,800 | 1998 |
| Summit Rancho Bernardo - 16550 West Bernardo Drive | 16550 West Bernardo Drive, 92127 | 542,328 | 2016 |
| Symphony Towers | 750 B Street, 92101 | 530,000 | 1990 |
| Wells Fargo Plaza | 401 B Street, 92101 | 488,000 | 1983 |
| Qualcomm Pacific Center Campus - QRC Building | 5665 Morehouse Drive, 92121 | 475,218 | 1986 |
| Office building | Address | Sqft | Completed |
|---|---|---|---|
| 2100 Kettner - Little Italy | 2100 Kettner Blvd, 92101 | 234,000 | 2021 |
| Aperture Del Mar - Building 1 | NEC of Ted Williams Fwy & Carmel Valley Road, 92130 | 122,308 | 2021 |
| Aperture Del Mar - Building 2 | NEC of Ted Williams Fwy & Carmel Valley Road, 92130 | 106,734 | 2021 |
| Muse at Torrey Pines - 3030 Science Park Road | 3030 Science Park Road, 92121 | 94,456 | 2021 |
| Twenty by Six | 450 B Street, 92101 | 88,278 | 2021 |
| The Boardwalk - 10265 Science Center Drive | 10265 Science Center Drive, 92121 | 78,116 | 2021 |
| The Boardwalk - 10275 Science Center Drive | 10275 Science Center Drive, 92121 | 76,408 | 2021 |
| Downtown Innovation and Cultural Hub at Park and Market | 601 11th Avenue, 92101 | 66,750 | 2021 |
| Muse at Torrey Pines - 3050 Science Park Road | 3050 Science Park Road, 92121 | 55,102 | 2021 |
| The Boardwalk - 10285 Science Center Drive | 10285 Science Center Drive, 92121 | 41,302 | 2021 |
Office Spaces for Rent in California
SAN DIEGO OFFICE SALES TRENDS
- $293.632019 Avg. Price per Sqft
- -2.79 %Y-o-Y Avg. PpSF Change
- $2.2B2019 Office Sales Volume
- 472019 Number of Transactions
In 2019, office sales in San Diego averaged $293.63 per square foot. This marked a -2.79 % decrease in office price per square foot, compared to the previous year. A total of 47 office sales closed on the San Diego office market in 2019, amounting to a total sales volume of $2.2B.
Average Office Sale Price per Sqft
San Diego, CA Sales Trends
- San Diego Price per Sqft$293.63
- California Price per Sqft$437.86
Office Sales - Trend and Volume
- San Diego, CA Total Office Sales Volume in 2019 $2.2B
- San Diego, CA Total Number of Office Sales Closed in 2019 47
Largest San Diego Office Sales in 2019
| Property name | Address | Date | Price |
|---|---|---|---|
| La Jolla Commons - Tower II | 4707 Executive Drive | 6/20/2019 | $303,936,900 |
| La Jolla Commons - Tower I | 4747 Executive Drive | 6/20/2019 | $221,063,100 |
| GENESIS Campus Point at 4242 | 4242 Campus Point Court | 7/9/2019 | $112,150,000 |
| Genesee Executive Plaza | 9333 Genesee Avenue | 6/3/2019 | $91,000,000 |
| Terraces, The | 5887 Copley Drive | 11/14/2019 | $90,364,000 |
See trends for nearby markets
The San Diego office market contains an inventory of 83,185,010 square feet of office space, in 1,229 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all San Diego commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.