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SUBMARKET

$4.23

Lease Rate OVERVIEW

(4-5 STAR YTD AVERAGE)

OFFICE

2.9% Solana Beach is classified within the North Beach Cities office submarket, one of San Diego’s most

Rent Growth affluent and expensive submarkets that lies north of the major UC San Diego employment node. The

(2019 AVERAGE) tenant landscape is composed of a diverse range of industries, often locally based, with only a few
tenants occupying more than 10,000 square feet.

Very limited supply has kept vacancies tight while putting extreme upward pressure on market rents.
Currently at 5.7%, office vacancy is far below the metro’s average of 10%. The submarket recorded
4.2% 1.8% year-over-year rent growth, with its top-tier product commanding market rates of more than

$4.00 per square foot. Meanwhile, new office deliveries totaled a mere 31,100 square feet over the
Vacancy last 12 months. Looking forward, only 20,000 square feet of office space is coming online in the next

(2019 AVERAGE) eight quarters besides Scripps MD Anderson Cancer Center’s 60,000-square-foot medical office
property. With few large buildings and a dearth of high-end office spaces limiting the options for
tenants seeking exposure in North Beach Cities, a welcomed injection of new Class A supply will

help to fill a notable void.
7.8K

Daytime Population
(1-MILE)
14 | SOLANA 101