Lee & Associates - North San Diego County | Retail Report Q2 2015
SECOND QUARTER SUMMARY: According to Costar, the San Diego retail market did not experience much change in market conditions in the second quarter 2015. The vacancy rate went from 4.1% in the previous quarter to 4.2% in the current quarter. Net absorption was negative 106,808 square feet, and vacant sublease space decreased by 33,970 square feet. Quoted rental rates remained stabilized, marginally decreasing from first quarter 2015 levels and ending at $1.90 per square foot. A total of 11 retail buildings with 138,708 square feet of retail space were delivered to the market in the quarter, with 192,007 square feet still under construction at the end of the quarter.
The Lee & Associates North San Diego County’s five focal cities (Carlsbad, Escondido, Oceanside, San Marcos, Vista) saw similar trending results, with increased vacancy and stabilized rental rates in Q2 of 2015.