The countywide vacancy rate was 7.18%, up from just under 6% at the same time last year. The Downtown market has a 7% vacancy, although companies are still hungering for large spaces. Projects by Lankford and Catellus should bring another 1.25 million sf to the market.
In other submarkets, Sorrento Mesa had 378,363 sf of space available out of 3.79 million, for about a 10% vacancy rate. Carlsbad had a 16.8% vacancy rate, with about 394,151 sf of space available and more than 231,000 sf of office space under construction.
The hot University Towne Center submarket reported a vacancy factor of 6.34%, despite large new projects by such developers as Kilroy Realty. The market will receive a jolt, however, with the departure of Gateway Computer, which is moving its 180,000-sf headquarters from Eastgate Technology Center to Poway.
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