Vista Market Report

Active Deals

Outlook

Positive

Vista is a city of approximately 102,000 in northern San Diego County, CA, situated in the Interstate 78 industrial and commercial corridor that stretches from Oceanside through Escondido. The city hosts a diverse range of industrial, manufacturing, and commercial facilities. San Diego County's industrial market saw 630,000 SF of positive absorption in Q4 2025 as landlords reduced rents and offered concessions to attract tenants, driving activity even as the overall vacancy rate ticked up to 7.16% year-over-year due to spec deliveries. The county benefits from limited land availability, strong demographics, and proximity to the Port of San Diego and cross-border trade infrastructure. Automotive Properties REIT's acquisition of a Rivian EV sales, delivery, and service facility in Vista highlights growing institutional interest in automotive net-lease assets in the region. Voit Real Estate Services, LoopNet San Diego

Yields & Returns

San Diego County commercial properties are averaging approximately $659 per SF to buy, with an average cap rate of approximately 5.16% across all asset types. Industrial yields have expanded from sub-4% 2021 lows to a mid-5% to low-6% range for institutional quality assets. Average asking lease rates for industrial declined slightly in Q4 2025 to approximately $1.41 per SF (NNN), down less than 5% year-over-year. For net-lease automotive, Automotive Properties REIT paid $16M for approximately 59,828 SF ($267 per SF) of Rivian EV service space in Vista in April 2026. LoopNet San Diego CA, Voit Real Estate Services

Vacancy & Supply

Vacancy Rates

San Diego County industrial vacancy: 7.16% (Q4 2025), up 70 bps year-over-year as new construction, primarily speculative, contributed to elevated vacancy. Of total spec space completed since the start of 2023, 49% remains available. However, Q4 2025 saw over 630,000 SF of positive absorption as landlords became more competitive on terms. Office: strong demand from technology tenants with notable decline in sublease availability per Cushman and Wakefield Q4 2025. Voit Real Estate Services

Supply Pipeline

Approximately 2 million SF under construction across San Diego County in Q4 2025, with 44% of that space still available at year-end. New speculative starts have moderated as developers absorb the 2023-2024 delivery wave, and the pipeline is projected to contract meaningfully in 2026. Voit Real Estate Services

Competitor Activity

Automotive Properties REIT completed the acquisition of a Rivian LLC sales, delivery, and service facility at 3280 Corporate View, Vista for $16.0 million in April 2026, funded from the REIT's revolving credit facilities. The deal represents Automotive Properties REIT's expansion of its US EV-sector net-lease portfolio. San Diego County saw industrial investment activity improve in Q4 2025 and early 2026 as some investors sensed a buying opportunity in a market where pricing has adjusted from 2021-2022 peaks. Voit Real Estate Services SoCal Industrial 2026, Elliot Adler San Diego CRE 2026

Firm	Activity	Asset	Detail	Value
Automotive Properties REIT / Rivian	Acquisition	Automotive/Net-Lease	Automotive Properties REIT acquired Rivian sales, delivery, and service facility at 3280 Corporate View, Vista (approximately 59,828 SF on 3.75 acres) for $16.0 million. Tenant: Rivian LLC under a mid-term net lease with fixed annual rent increases.	$16M