San Diego's Rx for Malaise
Multifamily:
3.5% vacancy, 3Q 2008
4.0% vacancy, 3Q 2007
$1,304 effective rent, 3Q 2008
$1,248 effective rent 3Q 2007
Source: Reis
Retail:
5.0% vacancy, 3Q 2008
3.5% vacancy, 3Q 2007
$22.60 rent per sq. ft., 3Q 2008
$22.45 rent per sq. ft., 3Q 2007
Source: Reis
Industrial:
7.3% vacancy, 3Q 2008
6.7% vacancy, 3Q 2007
$1.47 rent per sq. ft., 3Q 2008
$1.70 rent per sq. ft., 3Q 2007
Source: Cushman & Wakefield
Hotel:
57.9% occupancy, 3Q 2008
71.3% occupancy, 3Q 2007
$73.56 average daily rate, 3Q 2008
$94.97 average daily rate, 3Q 2007
Source: Smith Travel Research
MAJOR PROJECTS
Lane Field: A proposed 5.7-acre project at the former home of the Pacific Coast League Padres got a thumbs-up from the California Coastal Commission and the Unified Port of San Diego Commission in January. Developers plan to build a 525-room InterContinental Hotel, and a 275-room hotel operated by Woodfin Suite Hotels. The site will include 80,000 sq. ft. of shops and restaurants.
Developer: Lane Field San Diego Developers
Completion: 2012
Cost: $400 million
Hilton San Diego Bayfront Hotel: Convention travelers just got a new 30-story, 1,190 room hotel on 13 waterfront acres. The Hilton San Diego Bayfront Hotel boasts 3,000 sq. ft. of retail space, 165,000 sq. ft. of meeting space, a 7,300 sq. ft. fitness center and spa, and a saltwater pool. Guests also will find $2 million of commissioned public art at the hotel. The hotel was built on the former site of the Campbell Shipyard.
Developer: Portman Holdings
Completion: December 2008
Cost: $348 million
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