Every quarter San Diego Regional EDC analyzes key economic indicators that are important to understanding the regional economy and the region’s standing relative to the 25 most populous metropolitan areas in the U.S.
This issue covers data from Q1 2020 which evaluates the very beginning of the COVID-19 pandemic in March. Q1 data provides a necessary baseline that, when compared to future quarters, will help us understand the economic impact of COVID-19
Scroll through the interactive maps and graphs below to compare different points in time.
Median Home Price of $670K
2nd most expensive in the nation
Commercial Real Estate Expands
1.4M sq. ft. of office space delivered
Venture Capital Funding
32 deals with $574 million
Key findings from q1 2020:
- San Diego’s housing market was the second most expensive in the nation with the median home price at $670,000 in Q1, up annually by 8.1 percent. Housing permits increased year-over-year in San Diego by 82 percent, largely due to multi-family housing increasing by 181 percent.
- Commercial real estate saw 1.4 million sq. ft. of office space and 1.8 million sq. ft of industrial space delivered Q1. Professional, scientific, and technical service industry grew annually by 7,800 jobs, or 5.5 percent, which might explain the need for more office space in the region. Manufacturing grew by 3,600 jobs, or 3.2 percent which explains some of the industrial space construction. Office net absorption declined by 157,389 sq. ft., which indicates more commercial space was vacated and placed on the market than was leased up. We expect demand for office space to continue to soften as the job losses from COVID-19 ripple through our economy.
- San Diego saw 32 Venture Capital deals worth $574 million, with $315 million invested in the healthcare sector. Since Q2 2019, venture capital has been gradually declining.