A JLL survey that tracked 60 office tenants in San Diego who have restructured their office footprints and downsized found that more than half of them were displaced by office-to-lab conversions.
The survey also revealed that, out of a total of 2.8M SF of office space in San Diego that was restructured by the tenants, 1.3M SF has been completely vacated and is now available on the market.
The JLL survey said that 53% of the downsizing leases in the San Diego market were the result of office-to-lab conversions; 43% of those surveyed reported that they reduced their office footprints when they renewed their leases in order to right size their office needs in the wake of the pandemic.
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