San Diego Office Leasing Activity Gained Speed in Q2

SAN DIEGO-Cassidy Turley, a leading commercial real estate services provider in the U.S., has released its midyear office market report for San Diego, indicating 736,317 square feet of net absorption, a pace that puts the market on track to out-perform 2012′s 1.2 million square foot total for its best annual performance since 2005. Of the year-to-date absorption total, 585,967 square feet of office space was absorbed in the second quarter alone.

“San Diego office leasing velocity is definitely heating up,” said Brett Ward, SVP with Cassidy Turley. “Second quarter net absorption is more than double the quarterly average of 220,000 square feet since the end of the recession. Vacancy is declining with improved demand and average asking rents are rising. Most of the year-to-date net absorption occurred in class A office space, due primarily to newly completed projects that were pre-leased as well as growing leasing momentum in central San Diego.”