Industrial space has been in demand of late, with some submarkets seeing vacancy rates as low as 2 percent. So, new space is welcomed.
A new industrial building recently opened in Otay Mesa’s Siempre Viva Business Park. This is actually a big deal, and not just because it’s providing more industrial site offerings.
It’s the first speculative building to be built in Otay Mesa since 2006.
Murphy Development Co. is behind the project, a 121,970-square-foot addition called Building 18. Built by Lusardi Construction and costing $17.7 million, it’s the only Class A building in Otay Mesa with more than 30,000 square feet.
Murphy Development has more projects coming online at Otay Mesa. It was scheduled to start construction on what will be called Building 17, a 79,050-square-foot spec building, earlier this summer. It’s hoped that project will be completed by the end of the year.
It’s also working on Brown Field Technology Park, which will include as much as 1 million square feet of corporate industrial space. It plans to have a 126,000-square-foot spec building completed there by next summer.