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Market Report

San Diego Retail Market Report

3Q 2022

Growing Universities and Large-Scale Revitalization
Enhance San Diego's Retail Outlook

Academic expansions prove influential. Retailers are renewing leases or expanding their San Diego footprints at a noteworthy pace, evidenced by the 1.7 million square feet absorbed on a net basis over the past year ended in June. Improving tourism and household formation are fueling vendors' bullish outlook; however, other emerging factors are supplementing their confidence. The concurrent growth of local universities is heightening retailer demand for space proximate to campuses, as vendors anticipate an increase in future consumer spending here. San Diego State University is underway on its Mission Valley campus expansion, and will welcome its largest freshman class this academic year. In North County, Cal State San Marcos opened its first dorms this fall, and will break ground on a student housing village in anticipation of rapid enrollment growth. Elsewhere, the University of California San Diego has numerous projects underway, perpetuated by its growing student body.
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