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Soaring vacancies bring down rates for office rentals; landlords also offering incentives to fill county's 15.3m square feet of space.

Publication: San Diego Business Journal
Publication Date: 30-MAR-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Double-digit vacancy rates are bringing down office lease rates.

Lowered rents are generally the last concession in a slowing office market. But last year, owners became aggressive with free rents.

Now, nearly 90 percent of owners of Class A office space offer increased commissions to tenant brokers that find qualified tenants.

They're also lowering asking rates by as much as 20 percent.

"There are a lot of concessions being offered right now," said Brian Mulvaney, a broker with Voit Commercial Brokerage in San Diego. "But sometimes tenants ... just want less expensive space."

Mulvaney says concessions of one month of free rent for each lease year signed would continue. He estimates more owners would be willing to lower rents to sign deals and ensure steady income...

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