SAN DIEGO—After another exceptional quarter of office demand,2014 is poised to be the strongest year for overall netabsorption since 2005, according to a report fromColliers.
The regional vacancy rate continued to decline for a fourthconsecutive quarter, dropping just below 13% in Q32014. The countywide average asking rental rateacross all classes continues to trend upward for an 11thconsecutive quarter.
The August 2014 San Diego County unemploymentrate measured 6.2%, which was a 0.4% decrease fromJuly. Both the California and national rates decreased to7.4% (-0.5%) and 6.3% (-0.2%), respectively. As of August2014, San Diego County experienced a year-over-year increase innon-farm employment totaling 34,200 jobs. The combinedindustry sectors of “Professional and Business Services” and“Financial Activities” – the two predominant office-utilizingemployment sectors – posted a net increase of approximately 7,700jobs over the same period.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
