San Diego Land is a big reason that North County has become such a big draw for commercial real estate development, but that’s only part of the picture, according to a report by the commercial real estate firm of Cushman & Wakefield.
North County has land to develop, compared with central San Diego County, which doesn’t.
But it’s also got the newer and bigger buildings tenants want, and some other advantages which make it attractive to the workers that companies are trying to attract.
“You have to be able to tell your employees this is a good win for you to move up here,” said Dennis Visser, a managing director for Cushman & Wakefield who specializes in North County property.
Among other things, housing costs are lower in some North County communities than in other hot submarkets, such as and Poway, UTC and Scripps Ranch.
For instance, Cushman & Wakefield reported that the median sale price for a home in Vista was $553,333, $557,750 in Oceanside and $562,000 in Escondido.
That compares with $851,300 in UTC, $930,000 in Scripps Ranch, and $785,000 in Poway.
Of, course, there are pricier North County locations, such as Carlsbad, where the median price is a little more than $1 million, and Encinitas, where it’s $1.2 million.
Schools are another draw.
According to Cushman & Wakefield, North County schools accounted for over a third of the gold ribbon and distinguished school awards earned by districts in the hottest commercial real estate submarkets.
One caution: The Cushman & Wakefield report looked only at the submarkets with the most commercial real estate activity, skipping East County, South County and some neighborhoods within San Diego proper.