On a trailing four-quarter basis, which is the sum of allleasing activity over the last four quarters, overall leasingtotaled 4.7 million square feet, a slight increase as compared tothe previous four quarters, according to the report, however it wasa 16.2% decline as compared to one year ago.
"Class A deal volume was particularly anemic, reaching only421,295 square feet, a quarterly decline of 36.5%," says MikeLabelle, senior vice president and co-branch manager of Studley'sSan Diego office. "The market has yet to see the pervasiveflight-to-quality that generally kicks off a recovery and, withspace still in ample supply, most tenants see little need to rushleasing decisions."
Studley's report echoes other reports from the area. Accordingto Chris Wood, managing director of Voit Real Estate Services' SanDiego region, "Buyers, sellers, landlords and tenants are allgaining confidence that there are good deals to be made right now"in San Diego. But Voit, for one, reported an increase inleasing and sales activity across all commercial property types,having completed more than 30 transactions encompassing upwards of240,000 square feet for the month of February alone.
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