Availability rate continues to increase ending the quarter at a six-year high

Overall availability in San Diego increased to 18.7% in the second quarter – up 170 basis points over the quarter and up 150 basis points from this point last year. Class A availability increased 210 basis points over last quarter to 19.4%. Overall average asking rents decreased for the second consecutive quarter to $3.13 per square foot (psf) per month, down 0.7% from last quarter but still up 4.9% year over year. Class A average asking rents also decreased to $3.48 psf per month, down 0.9% from last quarter but still up 5.4% year over year. With continued uncertainty in the economy putting many real estate decisions on hold, expect sustained downward pressure on rents in the months ahead.

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