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SAN DIEGO, CA-Despite a sluggish first quarter for the San Diego County office market, a recent report on the region says overall positive net absorption increased more than 50% from the last quarter of 2002.

The report, published by BRE Commercial/NAI points out that net absorption for the region’s office product jumped from 193,645 sf in the last three months of the previous year to 296,262 sf in the first three months of this year. San Diego’s North County region absorbed 248,145 sf of office space, while its South County office sector experienced 48,117 sf of positive net absorption. Of all the areas in the county, Mission Valley had the largest positive net absorption total of 93,429 sf.

“This may be the signal investors have been waiting for,” say BRE Commercial’s researchers, pointing out that “this upward trend of positive net absorption may be the first sign that San Diego’s office market could finally be on the rebound.”

Despite the findings of overall positive net absorption for the county, some regions did experience negative net absorption in the first quarter. Downtown San Diego led the pack with negative 89,853 sf, followed by Sorrento Mesa with negative 65,162 sf.

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