MBA Commercial stands out as one of the leading firms in San Diego’s commercial real estate sector. With a network of offices and affiliates, we’re well-equipped to handle a wide range of requests concerning the sale or lease of commercial properties in San Diego, including multi-family units, retail spaces, office buildings, hospitality establishments, and land.

Here’s the latest market information for San Diego:

AREA ANALYSIS Understanding the dynamic economic landscape of a market area is crucial for assessing real estate values and investment potential. The value of a property is determined not just by its past price or creation cost, but also by future perceptions of its utility. This section aims to analyze economic trends in San Diego and their impact on real estate investments.

REGIONAL INFLUENCES – SAN DIEGO COUNTY

• Location: San Diego County, situated in Southern California, boasts a diverse topography ranging from coastal plains to desert areas. Its urbanized regions enjoy a Mediterranean climate.
• Population Characteristics: As of the latest estimates, San Diego County is the third most populous county in California and the fourth most populous in the nation, with a population of approximately 3 million.
• County Incomes/Purchasing Power: The median household income in San Diego County witnessed a 6.2 percent increase in 2023, reaching $54,293. A further increase to $58,100 is projected for 2024.
• County Employment Trends: San Diego’s economy is driven by various sectors including high-tech manufacturing, tourism, telecommunications, biotechnology, and defense. As of December 2023, the county’s unemployment rate stood at 3.7 percent, lower than both California and national averages.
• County Commerce/Economic Output: San Diego’s gross regional product (GRP) reached $129.2 billion in 2023, marking a 2.4 percent increase from the previous year. The forecast suggests a further rise to $137.2 billion in 2024, reflecting a recovering local economy.

Residential Construction: In 2023, the number of residential permits in San Diego County increased to 18,266, with a notable rise in multi-family units. Approximately 20,500 units are expected to be permitted in 2024, indicating a steady growth trend in residential construction.

Housing Costs: San Diego County maintains high median home prices due to factors such as its desirable climate, strong employment base, and limited housing supply. In January 2024, the median home price in the county rose by 17.9 percent to $396,000 compared to the previous year.

County Education, Recreation, and Culture: With numerous educational institutions, public beaches, parks, and cultural attractions, San Diego County offers a vibrant lifestyle for residents and visitors alike.

Conclusion: San Diego County San Diego’s economy, characterized by its military presence, high-tech industries, and robust tourism sector, remained relatively stable amidst national economic fluctuations. The forecast for 2024 suggests continued stability with moderate growth expected in the coming months.

City of San Diego As the largest city in San Diego County, San Diego offers a mix of residential, commercial, and industrial developments. With efficient regional access and diverse land uses, the city remains a prominent hub for commerce and culture in the region.