San Diego’s first COVID-19 year had predictable results for retail and office leases, but industrial and residential real estate were bright spots.
An end-of-year report from real estate tracker CoStar found retail struggled as businesses were shut to stop the spread of the virus and office vacancy shot up as workers stayed home — leading to a flood of subleases for office space from companies that sent workers home.
However, there were some opportunities.The biotech industry’s need for more space pushed up industrial rents, and Amazon made big investments in the region. Prices for multifamily
housing increased as renters fled urban environments for North County and Chula Vista.