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SAN DIEGO, CA-San Diego’s flex market experienced a contraction in availability, but an increase in vacancy in the third quarter of 2002, according to new research on the region.

The report, published by Insignia/ESG, says that availability decreased slightly from 16.9% in the second quarter of 2002 to 15.4% in the third quarter, while the vacancy level edged up to 15.3% from 14.9%. “This most likely signifies that leases are being signed, but tenants have not yet moved into their new facilities,” say Insignia’s researchers.

Some of the highest vacancy levels experienced in the third quarter were in submarkets like Carlsbad, which had a vacancy rate of 23.25%; Rancho Bernardo, which had a vacancy level of 19.84% and Sorrento Mesa, which had a vacancy rate of 19.62%. The lowest vacancy levels were seen in Torrey Pines, which had a vacancy rate of 0%; Highway 78 Corridor, which had a vacancy level of 3.41%; and UTC, which had a vacancy rate of 6.48%.

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