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SAN DIEGO-MIT Lending has signed a 62-month, $1 million lease for 6,856 sf of office space in Rio Vista Tower at 8880 Rio San Diego Drive, according to Burnham Real Estate.

Chris Powers of Burnham Real Estate says the mortgage lender plans to move into its new space in January. Powers and Murray Wachtel of Cornish and Carey in Sacramento represented the MIT Lending, with Paul Brown of Business Real Estate representing the landlord, Hyundai Rio Vista Inc.

The MIT transaction is one of myriad deals that have brightened the outlook of late in the San Diego County office market, which rebounded during the third quarter with 843,650 sf of net absorption, according to a recent report by Burnham Real Estate. The report called the latest quarterly trends in the county “a marked improvement over previous months and an indicator that the local market is stabilizing.” With projected fourth quarter activity of 600,000 sf, 2003 net absorption could top 2 million sf, which would be a 25% increase over 2002, according to the Burnham report.

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