Figures

San Diego Office Figures Q3 2024

October 14, 2024 4 Minute Read

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HIGHLIGHTS

‒Total vacancy increased by 30 bps in Q3 due to negative net absorption and supply-driven pressure from WEST, which was 39% preleased at the time of completion.
‒Class A was the only product type to realize positive demand for a second-consecutive quarter.
‒Downtown, one of two submarkets to post positive net absorption in Q3, saw its highest level of demand since 2018.
‒Available sublet space increased by 10 bps to 3.5% but remained below the Q2 2023 peak of 3.7%.
‒The average asking rent rose to a new all-time high, with recent strength coming from Downtown and the Class A market.
‒At quarter’s end, no office space was under construction countywide for the first time since 2011.