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San Diego Industrial Vacancy Stays Steady

SAN DIEGO, CA – A report on the second quarter by Cushman & Wakefield shows a direct countywide vacancy of 7.7%, an indication of continuity in supply and demand.

By Don Jergler | Updated on August 04, 2008

SAN DIEGO, CA – Countywide industrial vacancy remained in the single-digit range despite economic woes thanks to R&D growth, the diverse San Diego economy and lower levels of construction activity, according to a report on the second quarter issued Friday by Cushman & Wakefield.

The report shows a direct countywide vacancy of 7.7% for the quarter, an indication of continuity in supply and demand balance, and it shows that despite year-to-date direct negative absorption of 286,000 sf, gross leasing activity totals 4.2-million sf. This, along with there being only 940,839 sf of space under construction countywide, should prevent vacancy from spiking, the report states.

Direct asking rental rates are down just slightly for industrial multi-tenant space to $1.08 psf per month with concessions now standard in submarkets with larger quantities of available space, according to the report.

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