Office Market
The following presentation gives a detailed overview of the San Diego County Office Market.
At the end of 2010 total inventory stood at 112.4 million square feet with a vacancy rate of 14.6%. Approximately 689,000 square feet was added to the market in 2010 and net absorption was approximately 1.24 million square feet. The countywide average monthly lease rate finished the year at $2.15 per square foot which was a decrease of 5.51% since the end of 2009.
The Central San Diego submarket achieved the lowest vacancy rate of 10.6% and the I-5 Corridor submarket achieved the highest average monthly lease rate of $2.39 per square foot. The I-5 Corridor submarket had the highest vacancy rate of 20.0% and the South Bay & Central San Diego submarkets achieved the lowest average monthly lease rates of $1.95 per square foot.
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