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Kearny Mesa ind 2q 2014 (overview) .pdf


Original filename: Kearny Mesa_ind 2q 2014 (overview).pdf
Title: Microsoft PowerPoint - Kearny Mesa_ind 2q 2014 (overview)
Author: Shelby.Porter

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14

SAN DIEGO COUNTY INDUSTRIAL MARKET

2Q

Kearny Mesa
PRODUCT
TYPE

# OF ALL
PROJECTS

INVENTORY
SF

SF

%

SF

SF

%

SF

SF

%

NET

YTD NET

R&D

98

3,776,033

3,509,129

92.9%

266,904

7.1%

451,699

12.0%

2,876

0.1%

454,575

12.0%

16,785

59,787

MFG

171

5,715,282

5,502,119

96.3%

213,163

3.7%

249,869

4.4%

11,202

0.2%

261,071

4.6%

15,834

8,994

IMT

80

3,412,781

3,214,687

94.2%

198,094

5.8%

216,294

6.3%

45,841

1.3%

262,135

7.7%

32,028

18,915

OCCUPIED

DIRECT VACANT

DIRECT AVAILABLE

%

DIRECT VACANT +
SUBLEASE

SUBLEASE
%

ABSORPTION

DIST

67

2,612,559

2,471,175

94.6%

141,384

5.4%

210,345

8.1%

0

0.0%

210,345

8.1%

0

(73,005)

Totals:

416

15,516,655

14,697,110

94.7%

819,545

5.3%

1,128,207

7.3%

59,919

0.4%

1,188,126

7.7%

64,647

14,691

Leasing Velocity

Annual Net Absorption vs. Direct Vacancy

Thousands of SF

Net Absorption

Migration, 5913,
8.2%

Direct Vacancy
9%

200

Renewal, 9747,
13.6%

6.8%
5.8%
5.2%

5.1%
161

0
(250)

5.3%

6%

5.3%
15

135

Expansion,
30080, 41.9%

(32)

(382)

3%
Intra-Market,
10577, 14.7%
0%

(200)

-3%
New, 15556,
21.6%
(400)

2009

2010

2011

2012

2013

2014YTD

-6%

Significant Transactions:

Kearny Mesa Highlights:
Annual Direct Vacancy by Product Type






Tierrasanta Research Park, a four building 112,300 SF multitenant industrial park traded for $19,500,000. Monro Capital
purchased the property from Hudson Pacific Properties. Major
tenant’s in the business park include, RBF Consulting, NxGen
Electronics and California Bank & Trust.
Direct vacancy decreased from 5.7% in the first quarter of 2014
to 5.3% in the second. Overall net absorption increased by
64,647 square feet.
The arena has once again grown competitive and the demand for
space continues to increase in Kearny Mesa due to its excellent
geographic location, freeway access and proximity to Lindbergh
Field.

R&D
12%

MFG

IMT

ADDRESS

DIST

11.3%
9.0%

SF

TENANT

TYPE
Renewal &
Expansion

4837-4955 Mercury St.

26,400 Northside Imports

5761 Copley Dr.

9,747 EdgeConnex

New

8148-8276 Ronson Rd.

6325

New

7510-7742 Clairemont Mesa Blvd.

6,000 Ivan Stewart Motorsports

New

4830 Viewridge Ave.

4,252 Renovation Realty, Inc.

New

5037-5039 Shawline St.

4,223 Bottles & Wood II, LLC

New

9%
Bay Alarm Company

7.1%

6.1%

5.8%

6%
4.4%

5.4%
3.7%

3%
0.6%
0%
2009

2010

2011

2012

2013

2014YTD
www.cassidyturley.com/sandiego

14

SAN DIEGO COUNTY INDUSTRIAL MARKET

2Q

Kearny Mesa
Vacancy vs. Asking Rent:

Availabilities by Size Segment:

R&D
15%

Vacancy

MFG
$1.60

Asking Rent
$1.21

15%

Vacancy

Asking Rent

$0.98

$1.20

10%

SIZE RANGE

AVAILABILITIES

50,000 SF +

4

20,000 SF – 49,999 SF

13

10,000 SF – 19,999 SF

18

5,000 SF – 9,999 SF

24

< 4,999 SF

53

$1.50

$1.20

10%
$0.90
$0.80
$0.60

5%

5%
$0.40

0%

$0.00
2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14

$0.30

0%

$0.00
2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14

IMT
15%

Vacancy

Weighted Average Monthly Asking Rent (NNN)

DIST
$1.25

Asking Rent
$0.99

15%

Vacancy

$1.60

Asking Rent

$1.00

10%

$1.20
10%

$0.75

$1.05

$0.40

$0.25

$0.00

DIST

$1.21

$1.00

$0.99

$0.96

5%

2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14

IMT

$0.93
$0.80

0%

MFG

$1.20

$0.50
5%

R&D

$1.35

$0.98

$0.90

$0.93
$0.82

0%

$0.00
2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14

$0.75
2009

2010

2011

2012

2013

2014YTD

www.cassidyturley.com/sandiego


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