Insignia's researchers attribute the rise in vacancy to the 390,000 sf of new office product that came online in the third quarter. Only 22.7% of the new office space was occupied upon completion, the Insignia report says, adding that there was more than 6.8 million sf of office product vacant in the third quarter.
Despite the deluge of new office product, net absorption was recorded as a mere negative 170,000 sf for the third quarter of 2002. "This is evidence that new space is indeed being occupied in San Diego, but to a far lesser degree than has been seen in the last few years," the Insignia report says.
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