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How does San Diego compare to the national average historical office asking rents and direct vacancy rates?

  • ​National rents have increased 3.6 percent from the year before and 23.9 percent since 2010, compared to San Diego 3.8 percent year-over-year and 25.9 percent since 2010.

  • National direct vacancy went up 20 basis points while San Diego’s dropped 40 basis points, meanwhile average asking rent growth was very similar from the previous year.

  • San Diego’s demand has outpaced the 10 year average of 500,000 square feet of positive absorption by double for the last two years with over 1 million square feet of positive absorption each year.

  • 2018 is poised for another banner year with 650,000 square feet of tenants scheduled to take occupancy, 440,000 square feet of build-to-suits to deliver, and 3.7 million square feet of tenants touring the market.

  • These strong and steady trends could be a sign for the San Diego market to finally outpace the national average for asking rents by 2018 or 2019.  ​​

Source: JLL Research

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