SAN DIEGO—The trend of law firms moving up to higher-priced real estate in UTC and Del Mar Heights has been happening since the early 2000s, and they will continue moving north to be closer to where decision-makers live and clients work, JLL EVP Misty Moore tells GlobeSt.com. The firm recently released its law-firm report, which revealed that in San Diego's higher-rend markets of UTC and Del Mar Heights, overall tenant demand is slowing, which has opened up quality space opportunities to accommodate law firms. However, rents in these markets remain at or above peak, presenting a challenge.
The report also showed that Downtown has yet to see any meaningful amount of new class-A office construction suitable for law firms, and as a result remains a tight, landlord-friendly market for firms, with pricing continuing its upward trend.
JLL predicts that pricing will likely level out as incremental new supply is delivered to UTC and Del Mar Heights and tenant demand continues to cool and that Downtown pricing should continue to climb in the near future due to the low vacancy rate and lack of new product.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
