Construction activity continued to boom with over 1.8 million sq. ft. of product underway in Q1.
As suitable supply for lab space dwindles in Torrey Pines and UTC, developers are looking for new opportunities in Sorrento Valley and Sorrento Mesa.
Two major warehouse projects delivered in Q1 2020, including a 137,000-sq.-ft. warehouse in Otay Mesa developed by Murphy Development.
The average asking rate for high-finish product increased $0.01 quarter over quarter and $0.06 year over year to $1.50 NNN. The low-finish rate fell $0.02 quarter over quarter to $0.99, $0.01 higher than the previous year.