Lee & Associates - North San Diego County | Office Report Q2 2015
SECOND QUARTER SUMMARY The San Diego Office market ended the second quarter 2015 with a vacancy rate of 10.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 315,566 square feet in the second quarter. Vacant sublease space decreased in the quarter, ending the quarter at 683,800 square feet. Rental rates ended the second quarter at $2.44, an increase over the previous quarter. A total of one building delivered to the market in the quarter totaling 177,269 square feet, with 1,071,020 square feet still under construction at the end of the quarter.
Lee & Associates North San Diego County’s five focal North County cities (Carlsbad, Escondido, Oceanside, San Marcos, Vista)’s ended Q2 2015 with decreased vacancy rates and increased rental rates. Net absorption increased in Q2 2015 from negative 83,515 in Q1 2015.