Market Trends
- The largest delivery of the quarter was Amazon’s 1.1 million square foot build-to-suit project located at 6980 Otay Mesa Road. Without this South County submarket move-in, absorption would have been nearly zero for this quarter.
- San Diego’s market vacancy rate has increased by 160 basis points (bps) year over year, yet it showed signs of an interim stabilization, remaining at 9.0% through both Q2 and Q3 of this year.
- This quarter’s leasing activity was led by Solar Turbine’s commitment to 123,492 square feet (sf) at 8888 Balboa Avenue and S.J. Distributors’ 96,745 sf lease at 1201 Park Central Drive.