Retail Market
The following presentation gives a detailed overview of the San Diego County Retail Market.
Total inventory stands at 144.4 million square feet at a vacancy rate of 5.3%. Approximately 696,000 square feet was added to the market in 2008 (2009 QTD is approximately 631,000 square feet) and net absorption was negative by approximately 251,000 square feet in 2008 (2009 QTD is negative by approximately 1.7 million square feet). The countywide average monthly lease rate is $1.93 per square foot which is an decrease of 7.97% since the end of 2008.
North County West submarket achieves the lowest vacancy rate of 4.3% and the Downtown submarket achieves the highest average monthly lease rate of $2.75 per square foot. Hwy-78 Corridor currently has the highest vacancy rate of 7.7% and the South & Southeast submarket achieves the lowest average monthly lease rates of $1.67 per square foot.
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