San Diego office market report

Q1 2024

The San Diego office market experienced a rough start to 2024, with Q1 showing some of the slowest leasing activity and lowest net absorption in the last 10 years. As occupiers begin to re-strategize leases as a result of work from home policies, we see many tenants downsizing or terminating office leases. Office owners have begun the process of offering more amenities, free rent, and discounted rents in order to attract new tenants.

-549.6k sf

Net Absorption

San Diego office occupiers are shedding more unused space at rapid speeds. We see a record setting quarterly negative net absorption of 590,670.

$34.96 psf

Asking Rent

San Diego office direct asking rents have dropped by 0.5% to $34.96 a square foot after 9 straight quarters of being above $35.00.



San Diego office availability remains at high levels, as we see tenants continuing to downsize and owners begin to restructure leases.


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Get in-depth office market reports and insights from commercial real estate experts in the Greater San Diego area. Avison Young advisors look at San Diego commercial real estate activities and the latest San Diego statistics to provide you expert market research on San Diego's office properties.

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