The San Diego Office market ended the fourth quarter 2014 with a vacancy rate of 11.2%. With net absorption totaling positive 886,295 square feet in the fourth quarter, the vacancy rate was down over the previous quarter. Rental rates ended the fourth quarter at $28.16, an increase over the previous quarter. This trend is compared to the U.S. National Office vacancy rate, which decreased to 10.9% from the previous quarter, with net absorption positive 37.53 million square feet in the fourth quarter.
Excerpts from the Article:The vacancy rate was down over the previous quarter, with net absorption totaling positive 886,295 square feet in the fourth quarter. That compares to positive 735,842 square feet in the third quarter 2014. Vacant sublease space increased in the quarter, ending the quarter at 1,001,935 square feet. Tenants moving into large blocks of space in 2014 include: LPL Financial moving into 414,570 square feet at La Jolla Commons Tower II; Entropic Communications, Inc. moving into 132,600 square feet at 6350 Sequence Dr; and Rady Children’s Hospital moving into 80,281 square feet at Copley Corporate Center.
Citation and link:
Summer, Justin. “Market Trend San Diego Office Decrease to 11.2%.” CoStar News., 23 Jan. 2015 Web. 29 Jan. 2015.