Behind the Numbers
> Total industrial/R&D combined vacancy stood at 5.10% at the end of Q3 2017. This is 9 basis points increase from the prior quarter (5.01% in Q2 2017).
> Net absorption was a positive 5,194 SF in Q3. This brought net absorption to a positive 263,330 SF year-to-date.
> Average asking rental rates in North County continue to increase faster than the overall San Diego County. The average asking rental rate of $0.92/SF is 3.3% higher than it was a year ago (Q3 2016) whereas the county average has gone down 2.0% over the same period.
> A total of 55,573 SF of new construction was completed in Q3. This consisted of the Badiee Development project Innovation Ridge at 3248 Lionshead Avenue. 294,808 SF of new construction has been completed year-to-date.
> There was 1,325,741 SF under construction in North County as of Q3 2017. This includes Techbilt Companies’ 63,900 SF building in the Carlsbad Oaks East Business Park; Hamann Construction’s 123,000 SF building in Carlsbad Oaks North Business Park; RAF Pacifica’s 171,098 SF vec∙tor project in Carlsbad Oaks North, the 277,410 SF dis∙trib∙ute projects in lots 12 and 15 in the Carlsbad Raceway Business Park and the 219,477 SF pro∙duc∙tion projects in San Marcos ; HM Electronics 134,000 SF build-to-suit in Carlsbad; Industrial Property Trust’s 124,581 SF building at 1319 Rocky Point Drive in Oceanside, and Exeter Property Group’s 212,275 SF spec building in Escondido.