SAN DIEGO—The San Diego County office market hit a speed bump in the second quarter of the year with 250,595 square feet of net negative absorption. According to Cassidy Turley, the dip follows six consecutive quarters of positive activity, during which time tenants absorbed 1.8 million square feet.
“The good news is that this absorption slide is a temporary setback for San Diego,” said Brett Ward, managing director with Cassidy Turley's in San Diego. “Leasing in the market continues to strengthen, and several large commitments will contribute to significant occupancy over the next six to 12 months.”
The Cassidy Turley mid-year report shows that Central County move-outs totaling 620,000 square feet were substantially offset by positive tenant activity totaling 532,000 square feet. “The traditional top performing submarkets of UTC, Del Mar Heights and Kearny Mesa saw very strong tenant momentum,” Ward said.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
