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SD Office Occupancy Hits Highest Midyear Level Since 2013
San Diego’s office occupancy growth just reached a four-year, midyear high, according to Cushman & Wakefield’s Q2 2017 market snapshot. The first six months of 2017 combined for more than 550,000 square feet of occupancy growth, the best midyear performance since 2013’s first half level of 736,300 square feet.
Cushman & Wakefield’s Jolanta Campion says, “The San Diego office market is still humming, as the second quarter of 2017 tacked on another 95,000 square feet of positive net absorption across all classes countywide.”
Key 2Q office highlights:
- 12th consecutive quarter of positive absorption
- Absorption in Q2 2017 was largely driven by several mid-sized move-ins
- Two office buildings delivered, totaling 67,600, bringing midyear total to more than 555,600 square feet
- 18 properties totaling 1.6 million square feet currently under construction countywide
- Nearly 65% of under-construction space is spoken for
- Overall, the life science market is trending below 6% direct vacancy
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