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San Diego business growth expected to continue in 2017

Posted by The Aramco Group on Fri, Oct 21, 2016 @ 14:10 PM

A flurry of interest in commercial properties in San Diego has market forecasters and investors alike, optimistic that the prolonged period of recovery from the recession may be over and that the era of positive growth has arrived. As the employment market in the County continues to heat up, adding over 25,000 jobs since last year, vacancy rates for office space has dropped 1.1 percent.

The Q3 Real Estate Market Report put forth by commercial realtor firm Cushman and Wakefield, predicts that the current trend of economic growth and healthy job market in San Diego will continue in 2017. According to the report, all employment sectors are expected to grow 2.3 percent next year alone, driving demand for office space.

Home prices in the County have increased 7.7 percent over the last year, an indication of high desirability to live in San Diego and the need for more job creation to accommodate new residents.

Meanwhile, mortgage rates remain near all-time lows with conventional conforming no-point 30-year fixed rates averaging 3.375 percent while the 15-year rate is near 2.75 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.