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San Diego retail demand picking up after COVID challenges abate

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2022 Q1 Retail San Diego Region

Key Takeaways

  • San Diego County saw its retail vacancy drop to 4.65% in Q1 2022 – its lowest rate in since Q2 2020.
  • Nearly 197,000 SF of net absorption was recorded in Q1 2022, adding to the 1.1 million SF of net absorption recorded over the last four quarters.
  • The average asking rate of $2.10/SF, increased by $0.04 over the course of the quarter but is still down by $0.08 year-over-year (YoY).
    • San Diego retail demand picking up after COVID challenges abate

      Prior to the COVID pandemic that started at the end of Q1 2020, retail vacancy hovered in the 4.6% to 4.8% for two years. From Q1 2020 through Q1 2021, retail declined precipitously as nearly 1.7 million SF on negative net absorption was recorded. The pandemic affected most retail businesses as retail store and restaurant closures amassed. Vacancy reached a peak of 5.46% in Q1 2021 but has been declining since then as pent-up and renewed consumer demand has restored positive net absorption every quarter since Q2 2021. This trend is like ly to continue even as inflationary pressures have created purchasing power challenges in the first half of 2022.


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San Diego retail demand picking up after COVID challenges abate

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Related Experts

Doug Hogan

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Doug is a retail leasing, tenant, and investment specialist with Colliers International, Carlsbad office.  Most recently Doug and his investment partner, Bill Barnett, completed the successful lease-up and sale of Rancho Temecula Town Center.  The sale was complete in December, 2010 for $48.9 million.

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Bill Barnett

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Peter Orth

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Patrick Day

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As Senior Property Manager, Patrick Day is responsible for all aspects of real estate management operations at La Jolla Village Square, a 416,000 SF retail power center in La Jolla.  Patrick oversees all facets of staff management, tenant services, rent collection, operations and maintenance, tenant and owner relations, financial reporting, accounting coordination, budgeting, expense reconciliations and expense control. He manages client relationships and requests, negotiates service contracts, supervises all property vendors, and oversees tenant improvement and capital improvement projects.

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