San Diego’s unemployment rate was 4.0% in Q1 2022, seeing a significant decrease from last year’s rate of 7.2%. Employers have expanded hiring to accommodate the record amount of goods moving through the global supply chain, positively impacting transportation jobs. Costs for transportation remain elevated due to spiking inflation. Investors remain active in the San Diego market, attracted to the diverse tenant pool and strong rent growth. Annual rent growth remains above the long-term average at 10.4%, compared to the national rate of 11.0%.
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