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Office Vacancy Edges Up in San Diego

SAN DIEGO, CA-According to a new report, the local office vacancy rate rose slightly in third quarter 2002 to 13.49% from 12.68% in the second quarter of this year. This increase was mainly due to the 390,000 sf of new office space that came online in the third quarter.

By Erin Cassin | Updated on November 10, 2002

SAN DIEGO, CA-The San Diego office market’s overall vacancy level crept up in the third quarter of this year, according to new research by Insignia/ESG. The report points out that the vacancy rate here rose slightly from 12.68% in the second quarter to 13.49% in the third quarter.

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.

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