During the second quarter of this year, San Diego’s office availability once again grew up 30 basis points to 20.7% according to research from Savills.
Now, the class A vacancy rate sits at 22.4% and the average rent is at $3.12, a dip from the $3.15 from the first quarter.
Despite this slightly grim outlook, leasing activity during the second quarter came in at 1.2 million square feet, the highest number of activity since the beginning of the pandemic and an increase from the 700,000 square feet seen during the first quarter.
Both the technology and life sciences industries are helping drive much of this activity thanks to venture capital investment. In fact, research from JLL shows that demand for lab space has grown 280% since March of 2020.