The San Diego office sector is showing signs of continued growth and opportunities as other cities become more expensive. There is expected long term appreciation and growth in San Diego. Companies are looking into office building functionality. Older office buildings shall be repurposed or reconstructed to accommodate the demands of the tenant. Renovating and improving run down office buildings will not only increase the appeal of the building but also return on investment for investors.
Excerpts from Article: “Investors who have been priced out of other markets like Seattle, San Francisco and L.A. are looking to San Diego now.”
“There’s more institutional money here than in the past looking at deals, and that’s encouraging. San Diego has a lot of intellectual capital here and a great trajectory for growth in the next 10 to 20 years.”
“We’re out of class-A space, and we are finding that we need to update buildings that are obsolete and completely renovate them into workspaces with open community spaces and amenities throughout the site to create the collaborative office environments that are in high demand. If a property is truly dysfunctional, it will be scraped, but if it has functionality, it will be repurposed.”
Citation and Link: Rossenfeld, Carrie 6 May. 2015. “San Diego Embracing Repurposed Office” GlobeSt.com. 6 May. 2015. http://www.globest.com/news/12_1104/sandiego/office/San-Diego-Embracing-Repurposed-Office-357633-1.html
Picture & Citation: May. 2015. “Regus: Work Your Way. 6 May 2015. http://www.regus.com/locations/office-space/california-san-diego-501-w-broadway