Real Estate - OCTOBER 16, 2019

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San Diego office market headed for 10th straight growth year

by Andrea Zander

San Diego’s office market continues to exhibit ongoing stability, reported Cushman & Wakefield. Overall office vacancy came in at 14 percent for the third quarter, with direct vacancy at 11.8 percent.

Brett Ward, executive director with Cushman & Wakefield’s office division in San Diego, said, “There are still several large occupancies in the traditional and creative office segments as well as the thriving life sciences sectors, expected to transpire by year-end and into 2020. In addition, tenant demand still remains strong with 4.0 msf of requirements potentially landing over the next 24 months — though not all will transact by then. We expect occupancy to close the year on a good note and push our annual growth figures even higher countywide.”

Net absorption did come in at a marginally negative 73,000 square feet (sf), nonetheless, despite the shallow dive, the report indicates 2019 still remains at a very solid level with a net positive 575,000 sf

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