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Are UTC office asking rents rebounding in anticipation of Trolley coming online?

• University Towne Center (UTC) is scheduled to have a taste of what most central San Diegans are unfamiliar with, a light rail public transportation line. The future Trolley expansion will connect from Downtown San Diego featuring a 6 stop half-loop with stops at Nobel Drive, VA hospital, two at UC San Diego, and ending at the Westfield UTC shopping center. The anticipated trolley line expansion will benefit the local economy and lessen road traffic for the universities, hospitals, residents, and businesses. According to SANDAG, the future Mid-Coast Trolley line is expected to have 20,000 transit riders a day and ultimately will lead to a population and employment increase of 19 percent and 12 percent respectively over the next 10 years.

• Both the UTC and Eastgate office submarkets (7.5 million square feet combined), will be impacted from the new transportation infrastructure, similar to what happened to Santa Monica with LA’s new Expo Line extension from DTLA.  Santa Monica’s office inventory (comparable to UTC/Eastgate in size) saw a 9.3 percent increase in asking rents from 2015 to 2016.

 

Source: JLL Research, SANDAG




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