Market Trends
- San Diego market vacancy has continued to climb, ending Q2 at 9.2%—a 250-basis point (bps) increase year over year. Year-to-date net absorption, measuring just shy of -1.0 million square feet (msf), has stemmed such growth.
- The South County submarket recorded two of the quarter’s largest move-outs, with Whalen Furniture and Panasonic each vacating approximately 100,000 square feet (sf).
- Despite the heightened vacancy and occupancy losses, average asking rents have held firm, climbing 3.0% year over year and nearly 52.0% since 2020.