As the total office vacancy rate in San Diego hit 14% in the third quarter, its highest level since 2012, office sales activity increased with high-profile transactions involving bargains that reflected plunging office valuations.
Investment sale prices have averaged $186 per SF over the past 12 months in San Diego, according to JLL's latest market report, with the most notable transaction of Q3—Irvine Company's sale of Symphony Towers—setting a bargain-basement benchmark of $84 per SF.
Sublease space in San Diego remains at an all-time high of 3.3M SF. JLL reported that no move-ins encompassing more than 25K SF occurred in the third quarter.
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