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Wednesday, July 07 2010 13:25

CBRE Releases Second Quarter Market Reports

By Real Estate Editor
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CB Richard Ellis, the world’s largest commercial real estate services firm, released San Diego Market View Reports outlining commercial real estate activity for the San Diego region.
The San Diego office market shows signs of stabilizing as the unemployment rate decreases, vacancy rates drop and leasing activity improves. Professional and business services added 300 new jobs in May, a 0.2% increase from April. Both gross activity and net absorption through mid-year 2010 have increased as tenants take advantage of low rents in class A & B space as they continue their “flight to quality.”

San Diego retail vacancy saw an increase to 7% in second quarter 2010, compared to an adjusted rate of 6.3% last quarter and 5.1% this time last year. San Diego posted negative absorption for the quarter with 358,000 square feet.

San Diego industrial market absorption was positive for the first time since third quarter 2008 with 241,709 square feet being absorbed. First quarter net absorption totaled negative 889,620 square feet.

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