San Diego Office Figures Q4 2023

January 10, 2024 5 Minute Read

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  • Hotel developer J Street Space purchased the Tower 180 office property in Downtown. J Street Space plans to convert a portion of the building by adding a hotel and residential component.
  • UniverCity in Chula Vista broke ground last month on a 168k SF office building, 60k SF of which is leased to the Chula Vista Public Library. UniverCity is planned to deliver in the Fall of 2025.
  • Buyers have shown more caution in the investment market due to the explosive growth in interest rates. Office transaction activity has fallen to new lows, making valuation more difficult and pricing discovery more widespread.
  • Two sales totaled over $10 million closed in Q4 2023, totaling 447,863 sq. ft., almost all of which traded for deep discounts compared to their pre-pandemic sales price.