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San Diego retail demand still strong after five consecutive quarters

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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.


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San Diego retail demand still strong after five consecutive quarters

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Related Experts

Doug Hogan

Brokerage Senior Vice-President

Carlsbad

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

Brokerage Senior Vice-President

Carlsbad

Over the past 30 years Bill has specialized in the development, leasing and investment sales of community and neighborhood shopping centers in Southern California.  He has also been the exclusive representative for numerous regional and national retail tenants.

Bill began his career with Coldwell Banker in 1980.  In 1983 he joined Burnham Real Estate Services, and was with them for 26 years before moving to Colliers International in the summer of 2009.

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