San Diego

While the market saw strong leasing activity, secondary markets in the Western US are outpacing Southern California.

After a slow start to the year, multifamily sales in San Diego surged in late 2018 with increasing price-per-square-foot.

Qualified opportunity zone funds have already averted demand away from 1031 exchange transactions as buyers see the similarity in benefits.

In conjunction with the purchase of the Emeryville Center for Innovation, BioMed Realty reports that Novartis will enter into a one-year leaseback on the existing building, during which time BioMed Realty will put forward redevelopment plans to transform the building into a Class A+, state-of-the-art multi-tenant laboratory and office facility.

Life Science employment in San Diego is double the national average at 13.5%, and venture capital investment is fueling more growth in the industry.

Industrial rents in the San Diego market grew 10.2% in 2018 and are up nearly 30% over the prior peak in 2007.