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The original item was published from 7/17/2018 11:53:59 AM to 8/18/2018 12:00:04 AM.

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Posted on: July 17, 2018

[ARCHIVED] Poway's Economic Development Update


     With all the headlines about development in Poway of late, it may seem like our city is on the brink of significant change. But the interest isn’t new – Poway has always been a great place to live, work and raise a family.  The community continues to be desirable to home buyers and the demographics appeal to businesses looking to locate in the area. The business park and commercial centers have low vacancy rates, and space is at a premium.  The quality lifestyle and award-winning schools help Poway businesses attract a highly skilled workforce.  

     While the updated Poway Road Specific Plan created the opportunity for new projects, some of these headlines are merely a coincidence of timing. After years of analysis and discussion, the City Council’s approval of the specific plan in late 2017 led to the approval of two projects that met the new guidelines: the Trading Post mixed-use development (54 apartment units, restaurants and a gym) and a Chic-fil-A restaurant (scheduled to be completed in the summer of 2019). At the same time commercial centers welcomed new tenants, including Tio Leo’s and Pho Ca Doa restaurants and Atlas Market. In the Poway Business Park, General Atomics signed a lease for three buildings that are under construction totaling more than 300,000 square feet of office and industrial space in the Ridgeview Business Park. The Poway Tech Center has seven industrial buildings under construction ranging from 9,000 to 19,000 square feet.

     Despite few new single-family projects, the Poway housing market continues to be of great interest. Zillow describes the Poway resale market as “very hot” and the average sales price of a home in Poway is $746,000. In the past year, home values in Poway have risen 8 percent, and Zillow projects another 7 percent increase in 2018.  

     Experts may differ on the economic outlook – with some predicting the housing market is in or is heading towards an “economic bubble” and others are predicting the housing market to continue to increase in value through 2020. The economic fundamentals for Poway and the region include a limited supply of developable land and properties for sale, combined with relatively low interest rates, an improving economy and increasing wages.  While nothing is certain with the economy, Poway is well positioned for a prosperous and successful future.  

     To stay update on all the news and events in Poway, sign up on the City’s "Notify Me" button for the latest news, alerts and upcoming meeting agendas.

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