The tech sector's appetite for quality office space at scale is keeping total net absorption in positive territory in San Diego, according to JLL's Q3 market report for the city.
YTD net absorption has ticked up to 387K SF in San Diego's office market and total vacancies are holding steady at 12%. Owners remain firm on asking rents while concessions stay elevated, JLL reported.
However, leasing activity in the third quarter was down 11% from the quarterly leasing average since the onset of the pandemic, totaling 1.2M SF. Sublease vacancies rose to 740K SF.
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