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Downtown Class A rents near previous cycle peak level

  • ​​As of Q2 2017, the Downtown Class A market has recorded 6.5 years of positive net absorption, bringing vacancy down to well below the historical average. Continued demand for space has pushed average asking rents to just below the pre-recession peak rate. Over the last 12 months, Class A rents have increased 3.5 percent.
  • With current Class B vacancy near the historical average, this segment has also experienced significant rent growth since the bottom of the market, just at a slower rate than Class A.
  • With job growth being a driving force behind demand for office space, the San Diego economy has added 20,300 jobs over the last 12 months. The Government (6,000 jobs), Educational & Health Services (3,900), and Financial Activities (2,600) industries have experienced the strongest year-over-year job growth.

Source: JLL Research, California EDD. Note: Class B trough occurred in 2011.

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