San Diego office market report
The San Diego office market leasing activity remains strong with new notable transactions throughout the submarket with Apple signing a 95K sf and a 52K sf lease in the I-15 Corridor and MaxLinear, Inc renewed at their 63K sf location in Carlsbad’s I-5 Corridor. Unemployment rates have decreased to 2.7% as of May 2022, the second lowest in San Diego’s history behind the current lowest rate of 2.6% from December 1999.
Office inventory increased by 176,910 sf this quarter due to the delivery of one new property to the market.
After reporting 10,750 sf of positive absorption in Q1 2022, the San Diego office market surged in the second quarter with 875,710 sf.
Direct asking rent
Landlords remain firm on average asking rents on class A and class B spaces.
Total available space decreased in the San Diego metro area by 120,944 sf due to aggressive leasing activities in the market.
Overall vacancies decreased by 1.1% in Q2 2022 when compared to Q2 2021.
Investment sales activity saw an increase quarter-over-quarter in sales volume and average price per sf at $240 million and $401.46 psf, respectively.
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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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