San Diego continues to grow and attract residents and businesses. The San Diego metropolitan area has a total population of over 3 million and has grown at about 7.6 percent since 2010, according to a report from JLL.
The most populated region in San Diego is the South County cluster that includes the Chula Vista, National City, Otay Mesa, San Ysidro, and Southeast submarkets. Chula Vista is one of the fastest-growing cities in the state of California, with 10.5 percent growth since 2010.
The report also found that the median house price in South County is $446,042, 38 percent less than the county median of $612,750, making it a more affordable region to purchase. “The significant amount of new affordable housing has attracted people to South County,” Tony Russell, managing director for JLL, tells SoCal Real Estate.
In the next five to 10 years, Russell notes that many new developments will be coming on line in South County, including:
South Bay Convention Center – The City is in the process of approving a $1-billion-dollar, 275,000-square-foot convention center that will attract national and international business. The project target date, once approved, will begin construction by end of 2019. The 500-acre Chula Vista Bayfront convention center will be a mixed-use development that will include hotels and retail shops.
Ocean View Tower at Sharp Chula Vista – Sharp Healthcare is currently developing the expansion of 170,000 square feet to its existing Chula Vista Medical Center scheduled for delivery Fall 2019. The Ocean View Tower is being developed by Hensel Phelps, and the estimated cost is approximately $239 million. Sharp HealthCare is ranked number 3 in San Diego and number 1 in specialty health services by US News & World Report.
SWCCD’s Math, Science and Engineering Building – Southwestern Community College is spending $81 million to expand its math, science, and engineering departments. The 103,000-square-foot building will house majors such as biology, geology, mathematics, physics, and chemistry. Estimated time for completion is Summer 2018.
Millenia Chula Vista – The Millenia development is one of San Diego South Bay’s newest communities that encompasses several villages of multifamily, single family, parks, schools, office, and retail. Millenia comprises 11 village distracts over 210 acres. A few of the developers in the project include Shea Homes, Chelsea Investments, Trammell Crow Company, and Sudberry Properties. Russell says Millenia embraces a unique mixed-use neighborhood community that is targeted to attract 60,000 new residents.
As far as business types that are drawn to South County, Russell cites education, medical uses, defense, and technology.