The report, published by Lee & Associates, points out that net absorption more than tripled in May 2002. The office market absorbed 151,488 sf in this month, as opposed to 48,989 sf in April 2002. As net absorption was rising, the region's office vacancy rate was on the decline. It dropped from 17.98% in April to 17.06% in May, the lowest vacancy rate the region has experienced all year.
In addition, the average asking lease rate for office product here increased for the first time in 2002. May's rate was reported as $2.24, as compared with $2.22 in April. According to the Lee & Associates research, San Clemente experienced the biggest rate increase due in part to new construction.
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