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San Diego Experiences Strong Tech Leasing Activity
Momentum slowed in the second quarter for technology companies’ leasing of office space, though a few markets, including San Diego, posted sizeable gains in activity, according to a new report from CBRE. U.S. office space leased by tech companies in the second quarter amounted to more than 6.8 million square feet, which marks a 46% decline from last year’s quarterly average.
San Diego was one of only three markets, along with Atlanta and Washington DC, to see an increase in leasing volume, generating 365,687 square feet of tech-office leases in the quarter for a 58% gain from its 2019 quarterly average.
CBRE’s Andy Ewald says, “We continue to be bullish about the future of the San Diego tech market, which had a strong second quarter even amidst a global pandemic. San Diego has incredible fundamentals to support the growth of tech-related companies in our market.”
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