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Rising office vacancies in the county reach 10-year high; construction could push vacancy rates to 14 percent by year-end.

Publication: San Diego Business Journal
Publication Date: 26-NOV-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Office vacancy rates in the county reached a 10-year high in the third quarter, according to a recent office market report released by Colliers International Property Consultants' San Diego office. Colliers International, with offices in Carlsbad and San Diego, reported vacancy rates have grown for five consecutive quarters and exceeded national vacancy averages for the first time in a decade.

According to the report released Nov. 16, Colliers found that the countywide vacancy rate for all classes of office space increased by 0.8 percent to 13.1 percent from the previous quarter.

"The amount of construction being developed fight now has totally out-paced the rate of absorption," said Christopher Reutz, director of research at Colliers International San Diego.

Reutz said the double-digit vacancy rate is not horribly high, just above the...

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