Qualcomm Layoffs Not Hurting San Diego Office Sector

he Qualcomm layoffs that were announced over the last few months are not devastating the San Diego office market, according to reports.

The reason for this is a limited amount of new construction taking place, so the 254,000 square feet that Qualcomm has said it will not re-lease shouldn’t hurt the market, according to commercial real estate services firm Hughes Marino.

There is currently one million square feet of office space in demand by tenants. The only area expected to have the most major negative impact is Sorrento Mesa, which is expected to have an availability rate of 23.3 percent.