Office Vacancy Rates To Soar

Without a major com­mercial harbor or a gateway international airport, the San Diego region has been hit harder than other major West Coast cities in the economic downturn, according to the Emerging Trends forecast. Despite San Diego’s warm climate and its attraction of high-tech and biotech jobs, office vacan­cies in 2010 are expected to approach 15-year highs. The housing market decline has hit local retail mar­kets hard. However, homebuy­ers are expected to find good deals next year. Commercial investors are forecast to find similar opportunities by 2011 or 2012.

For wary local landlords and investors, the future remains disturbingly uncertain. San Diego real estate economist Gary H. London views 2010 as “a time of foreboding.” He expects the current decline to continue in San Diego County for two more years.

Sample San Diego Office Space for Lease