Behind the Numbers
> Total industrial/R&D combined vacancy stood at 4.97% at the end of Q4 2017. This is 13 basis points decrease from the prior quarter (5.01% in Q3 2017).
> Combined industrial/R&D net absorption was a positive 55,449 SF in Q4. Demand for the year reached 330,769 SF of net absorption.
> Average asking rental rates in North County continue to increase faster than the overall San Diego County. The average asking rental rate of $0.91/SF is 1.1% higher than it was a year ago (Q4 2016) whereas the county average has gone down 2.9% over the same period.
> 294,808 SF of new construction has been completed in 2017 but none of it was completed in Q4. Demand within the newly built space led to 174,142 SF of net absorption – or 59% of total
completed for the year.
> There was 1,830,927 SF under construction in North County as of Q4 2017. This includes Techbilt Companies’ 63,900 SF building in the Carlsbad Oaks East Business Park; Ryan Companies’ 441,000 SF Pacific Vista Commerce Center projects in buildings A, B and C on Whiptail Loop; Hamann Construction’s 126,020 SF building in Carlsbad Oaks North Business Park; RAF Pacifica’s 172,655 SF vec∙tor project in Carlsbad Oaks North, the 83,000 SF build-to-suit project for San Diego Hat Company on lot 7 of Carlsbad Oaks North, the 277,351 SF dis∙trib∙ute projects in lots 12 and 15 in the Carlsbad Raceway Business Park and the 220,332 SF pro∙duc∙tion projects in San Marcos ; HM Electronics 140,000 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 212,088 SF spec building in Escondido..