According to the terms of the agreement, the privately held commercial investment, management and development company will take 12,463 sf in the Pacific View Plaza. The property is located at 5973 Avenida Encinitas in Carlsbad.

Ron Miller of Burnham Real Estate Services ONCOR International acted on behalf of GMS Realty. The lessor, Equity Office Properties, was represented in-house by Tamara Martinez.

It is these smaller transactions like the recent GMS Realty lease that have been buoying San Diego County's office market in recent weeks. The overall office vacancy level here in on the rise, having crept up from 12.68% in the second quarter of 2002 to 13.49% in the third quarter. However, third-quarter net absorption was recorded as a mere negative 170,000 sf by Insignia/ESG researchers, who interpret the data as an indication that new space is being occupied here, but to a far lesser degree than in the past few years.