TAKEAWAYS
- Total availability in San Diego inched up 30 basis points to 20.7% in Q2 and is now at the highest reported since 2011
- The market's overall average rent of $3.12 per square foot (psf) per month is down from $3.15 psf reported last quarter, and is now down 2.5% from $3.20 psf reported prior to COVID
- Second-quarter leasing activity of 1.2 million square feet (msf) is up from just 0.7 msf in Q1 and is now the highest reported quarterly leasing activity since COVID
- Office space demand has been lead by tech companies and life sciences firms as venture capital continues to find its way into local startups