San Diego's office market won't pick up through the end of the year. Research director Chris Reutz of Colliers International expects the market to remain quiet through the end of the year.

"Overall, the rest of 2020 will be relatively quiet for office leasing. The ongoing COVID-19 pandemic has created an immediate effect on demand with potential for future challenges, as many companies considered "non-essential" require their workforces to continue working from home," says Reutz. "Considerations for office users, operators, and owners will not only need to contend with the immediate effects of the COVID-19 aftermath on their businesses, but the long-term effect on office workplace culture, work style and space utilization."

This will have a negative impact on both vacancy and absorption activity. "By year-end, it is likely that direct and sublease vacancy will tend to increase steadily as net absorption posts additional negative demand. Asking rental rates may continue to see minimal decreasing, but will likely stabilize early next year," adds Reutz.