Office Market
The following presentation gives a detailed overview of the San Diego County Office Market.
Total inventory stands at 111 million square feet at a vacancy rate of 15.4%. Approximately 2.9 million square feet was added to the market in 2008 (2009 QTD is approximately 1.5 million square feet) and net absorption was negative by approximately 1.3 million square feet in 2008 (2009 QTD is positive by approximately 522,000 square feet). The countywide average monthly lease rate is $2.29 per square foot which is a decrease of 12.48% since 2008.
The Central Suburban submarket achieve the lowest vacancy rate of 10.5% and the North Cities submarket achieves the highest average monthly lease rate of $2.55 per square foot. Hwy-78 Corridor submarket has the highest vacancy rate of 20.9% and the South/Southeast County submarket achieves the lowest average monthly lease rates of $1.89 per square foot.
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