New Industrial Build Fills Market Void

Ryan Grove

Industrial developer Ryan Cos. is months from completion on the Pacific Vista Commerce Center, a 411,000-square-foot three-building industrial project in North San Diego County, and it has already signed a lease for 112,235 square feet. PODS will occupy one full building at the project, and it will consolidate two separate facilities in North County into the new space. The storage and moving company isn’t the only industrial user looking for similar opportunities. Many companies in San Diego want to consolidate multiple locations under one roof, but there are very limited options for large industrial floor plates over 100,000 square feet.

“There are a lot of companies in San Diego that have multiple locations. As the industrial market has become so constrained and there are fewer options for tenants to choose from, a lot of tenants have had to take on a second location instead of doing a relocation and expansion,” Ryan Grove, director of real estate development at Ryan Companies, tells GlobeSt.com. “We see a very big desire from tenants that have multiple expiring leases to merge those spaces under one roof, if they can find it. However, it is such a supply-constrained market and that can be hard to find.”