San Diego office market report
Q4 2023
Direct and sublet availabilities continue to maintain high square footages in Q4 2023. The tech and biotech industry, the main drivers of office space occupancy in San Diego, has been experiencing significant layoffs, causing some occupiers to forego their current office footprint.
Net Absorption
Q4 2023 net absorption reported the highest square footage since Q2 2022 with positive 360,126 square feet.
Asking Rent
FS asking rents remain stable as landlords continue to offer generous concessions packages to combat decreasing rents. Q4 2023 reported an average direct asking rent of $36.71 a square foot.
Availabilities
Availabilities have continued to increase but at a nominal pace in the Q4 2023, displaying signs of improvement for the office sector.
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