• Construction activity continued to boom with over 1.8 million sq. ft. of product underway in Q1.
  • As suitable supply for lab space dwindles in Torrey Pines and UTC, developers are looking for new opportunities in Sorrento Valley and Sorrento Mesa.
  • Two major warehouse projects delivered in Q1 2020, including a 137,000-sq.-ft. warehouse in Otay Mesa developed by Murphy Development.
  • The average asking rate for high-finish product increased $0.01 quarter over quarter and $0.06 year over year to $1.50 NNN. The low-finish rate fell $0.02 quarter over quarter to $0.99, $0.01 higher than the previous year.