San Diego's retail segment hasn't produced the strongest fundamentals in the nation but overall things look at least stable.
For 2024, net absorption in the market was negative at -39,348 square feet, according to a report from JLL. While that marks the second consecutive year that the category has stayed in the red, limited supply is leading to another positive. In the fourth quarter, vacancy dropped by 20 basis points to four percent. Vacancy was at its highest levels in malls (7.5 percent). The next closest was neighborhood centers, at 4.7 percent.
"The demolition of obsolete retail space fueled by developers’ interest in redevelopment has helped the market tighten," JLL said in its report.
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