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RANCHO SANTA FE, CA-Developer Kachay Homes has inked a 90-month agreement for office space in Rancho Santa Fe.

The new tenant will occupy 3,300 sf in a facility located here at 6110 El Tordo. According to the terms of the $1.3-million agreement, Kachay will move into the Rancho Santa Fe location in January 2004. Michael Dyer and Stephanie Schaefer of Burnham Real Estate acted on behalf of both Kachay Homes and lessor First National Bank of San Diego.San Diego County’s office market has shown signs of improvement in recent months, with 843,650 sf of net absorption in the third quarter, according to a report by Burnham Real Estate Services. This figure reflects “a marked improvement over previous months and an indicator that the local market is stabilizing,” Burnham’s researchers say. The report points out that total net absorption for 2003 could top 2 million sf, as fourth quarter absorption activity is predicted to be around 600,000 sf.

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