San Diego office market report
Q2 2024
The San Diego office market continues to experience leasing difficulties to cap off Q2 2024. With only 1,065,658 square feet of space leased, we see owners continuing to struggle to fill vacant spaces in their buildings. Vacancy remains steadily high for the San Diego market at an average of 13.4%. Office owners are now poised with the task of enticing tenants to fill spaces, via additional amenities, lower rents, and other appealing options.
Net Absorption
After a 550k square feet of negative absorption in Q1 2024, Q2 boasted positive absorption of 171k square feet.
Asking Rent
San Diego office direct asking rents are at an average of $35.03/SF, as owners make an effort to entice office occupiers to fill their vacant spaces.
Availabilities
San Diego’s direct office availability sits at 16.3%, about 5% higher than the pre-pandemic rate of 11.5%. As spaces remain empty, we see a struggling leasing environment.
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