County Office Leasing Rates Ended '09 on up Note
January 15, 2010
By: Mike Freeman

San Diego County’s office vacancy rate has been on the rise for more than a year as local employers shed jobs amid the recession. But in the fourth quarter, the steep trajectory of vacancy increases began to level off. ...

... Real estate experts cautioned, however, that positive leasing in the fourth quarter might have been driven by companies wanting to get deals completed before year-end. Fewer new buildings adding to the supply also likely played a role. They aren’t ready to say the market has reached a bottom or that plunging rental rates are about to stabilize.

“Rents took a significant dip in the second half of last year, as landlords came to the realization that there were fewer and fewer deals out there,” said Brian Ffrench, a senior vice president with brokerage firm Studley. “I don’t think rents have bottomed out yet. It seems we’re having a jobless recovery to date.”...

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