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Office Market Stays in Dumps During Q2

SAN DIEGO-San Diego County's office market continued a weak 2001 performance during the second quarter, according to a report. Absorption was its lowest since mid-year's negative absorption of 262,000 sf.

By Randyl J. Drummer | Updated on July 05, 2001

SAN DIEGO-About 1.6 million sf of sublease space came back onto the market during the first half of the year, underscoring a weak performance by San Diego County’s office market, according to a report released by Burnham Real Estate Services.

Companies that were in an expansion mode a year ago are now taking a conservative approach because of the slowing national economy, rising energy costs and the collapse of many dot-com enterprises, according to the report.

Most of the sublease space, 1.2 million sf, hit the market in the disastrous first quarter. Net absorption fell to 389,927 sf for the first half of the year, the lowest since mid-year’s negative absorption of 262,000 sf.

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