The Next Wave of Office Will Focus on Product

Oesterblad: “The attraction to mixed-use, highly amenitized environments is not just a trend; it’s here to stay.”

SAN DIEGO—Specific San Diego submarkets will be less important than the type of product in demand during the next office cycle, with mixed-use, highly amenitized environments continuing to rule the day, CBRE’s San Diego-region VP Jeff Oesterblad tells GlobeSt.com. The firm recently released a report about the local office market that showed strong absorption and record-low vacancy rates.

“Downtown San Diego, without question, has seen a tremendous amount of velocity as of late,” Oesterblad tells us exclusively. “More companies are finally taking advantage of all that Downtown has to offer—an array of walkable amenities, easy access to public transportation, proximity to a well-educated workforce (more than half of the Downtown San Diego residents have a college degree) and a true live-work-play environment. Combine that with the fact that Downtown’s largest demographic population (the Millennials) is looking for all those things in their own backyard, and you can see how Downtown is a recipe for success.”