Flex Market
The following presentation gives a detailed overview of the San Diego County Flex Market.
Total inventory stands at 43.2 million square feet at a vacancy rate of 16.3%. Approximately 364,000 square feet was added to the market in 2008 (2009 QTD is approximately 202,000 square feet) and net absorption was negative by approximately 565,000 square feet in 2008 (2009 QTD is negative by approximately 1.2 million square feet). The countywide average monthly lease rate is $1.21 per square foot which is down by 20.7% since 2008.
The South/Southeast Corridor submarket achieves the lowest vacancy rate of 6.5% and the Downtown submarket achieves the highest average monthly lease rate of $1.60 per square foot. North County West currently has the highest vacancy rate of 24.6% and the South/Southeast Corridor achieves the lowest average monthly lease rates of $1.06 per square foot.
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