2022 Q2 Retail San Diego
Key Takeaways
- San Diego County’s retail vacancy rate dropped 37 basis points to 4.29% in Q2 2022 – its lowest rate in since Q3 2017.
- Nearly 429,000 SF of net absorption was recorded in Q2 2022, adding to the over 636,000 SF of net absorption recorded year-todate.
- The average asking rate of $2.16/SF, increased by $0.06 over the course of the quarter and is up by $0.02 year-over-year (YoY).
San Diego retail demand still strong after five consecutive quarters
The public health restrictions placed on retail and restaurants due to the COVID pandemic back in early-2020 through late-2021 period have largely been lifted. As vaccinations became a vailable and testing was more prevalent, consumer confidence also ticked up and the public became more engaged in retail sho pping and dining again. It translated into five consecutive quarters of positive absorption and a vacancy rate that dropped by 119 basis points to 4.29% by the end of Q2 2022.
