San Diego Industrial Absorption Crosses into the Black

San Diego industrial leasing activity ticked up in the third quarter, and for the first time this year, absorption numbers crossed into the positive, according to research from JLL. Data from the firm shows that absorption totaled 299,913 square feet for the third quarter. Ecommerce and medical device companies were among the users to drive leasing activity.

“E commerce, 3PLs, Food & Beverage, and Life Sciences were the industries primarily responsible for this positive movement. Some of this activity was COVID related with a sudden need for diagnostics/test kits, food and beverage deliveries, and home improvement products. These new sources of demand combined with more traditional warehouse uses resulted in a perfect storm for Industrial in San Diego,” Greg Lewis, EVP at JLL, tells GlobeSt.com. “The surge in absorption was led by strong leasing activity along the I-15 corridor and North County where larger and newer warehouse projects with superior functionality are readily available.”