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SAN DIEGO, CA-Office rents here have dropped 4.7% in the past 12 months, according to the latest report from CB Richard Ellis.

According to the firm’s research, the typical “achievable” rent for a 10,000-sf unit in a well-located, class A office building is $31.08 per sf. This figure expresses headline rent, which does not account for any tenant incentives that may be necessary to achieve it. Total occupancy cost has also dipped 4.7%, according to the CB Richard Ellis report, which lists it as $31.08 per sf.

Nationwide, the economy is beginning to recover and consumer demand is growing, which will “generate the profits needed to spur capital spending and inventory rebuilding,” the report says. However, “despite modest economic improvement, commercial real estate remains influenced by the sharp downturn of last year” and will probably remain in the grasp of the recession for the next 12 months.

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