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Darcy Miramontes Miramontes: “San Diego consistently falls short of housing demand, with 30,000 people are moving into this region annually.”

SAN DIEGO—While multifamily construction is definitely up from the recession years, the new supply being delivered annually is not meeting demand, requiring more cooperation between developers and municipalities, JLL EVP Darcy Miramontes tells GlobeSt.com. According to the firm’s recent San Diego Multifamily Market Overview, 2015 and 2016 both broke previous records for San Diego multifamily starts in both number of units and dollar value; however, San Diego’s new multifamily supply is only 0.7% of inventory, compared to 2.1% for the top 10 supply markets.

The report also showed that developers have shifted their focus from Mission Valley to Downtown for urban-core development and from North County to South County in search of available land. In addition, San Diego has one of the lowest multifamily vacancy rates in the country, and the 3.8% current rate is below the 4.1% historical market average; it is expected to stay at approximately 4% through 2020.

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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.

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