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Burnham Predicts Modest Office Growth in 2002

SAN DIEGO-The San Diego County office and industrial/R&D markets are poised for a year of stability and even modest growth in 2002, according to a new report by Burnham Real Estate Services.

By Randyl J. Drummer | Updated on January 25, 2002

SAN DIEGO-Despite a notable slowing in tenant demand in 2001, the San Diego County office and industrial/R&D markets are poised for a year of stability and even modest growth in 2002, according to a just-released report by Burnham Real Estate Services.

According to the study, the drop in tenant activity last year coincided with a decline in new construction, a scenario the Burnham firm believes is keeping any excess in supply within manageable levels.

“Many firms postponed or scaled back expansion plans due to the softening economy,” says Mike Philbin, managing director of transaction services with Burnham Real Estate Services. “However, building activity also slowed, and this has kept the amount of new supply from threatening the basic stability of the office and industrial/R&D markets.”

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