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Pascal Aubry-Dumand Pascal Aubry-Dumand

Class-B office properties are the hottest assets in San Diego’s coastal markets, both in terms of tenants demand and sales activity. According to new research from JLL, class-B asking rents have increased rapidly this year to $3.25 per square foot and increasing demand from value-add office investors to renovate dated assets and capitalized on the rising rents.

“Class-B office property is the biggest segment on the coast and represents over 65% of the coastal market compared to class-A, which accounts for less than 15% of the total stock,” Pascal Aubry-Dumand, VP at JLL, tells GlobeSt.com. “Secondly, class-A buildings are already well leased and have limited options available. The real reason for the solid performance of Class B office buildings is that several of them have been or are in the process of being repositioned and offer finishes and amenities that, until now, have not been available in the coastal market. The resurgence of areas like the Cedros District in Solana Beach and the recent high-profile sale of The Bungalows in Del Mar on Jimmy Durante Boulevard are a testament to the strong demand to come.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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