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San Diego Q3 2024 Office Market Report

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San Diego office market sees uptick in leasing activity despite slower employment growth

After three consecutive quarters of declining leasing activity, the San Diego office market reported an increase in leasing activity in the third quarter. Leasing activity increased by 44% from the previous quarter to 1.2 million square feet (msf). This was also up 9% from 1.1 msf reported a year ago and is right at the 5-year quarterly average. However, it should be noted that the correction in both the tech and life sciences sectors has negatively impacted the San Diego office market over the past two years as the unemployment rate has increased to 5.0% as of August 2024, up from 4.4% reported a year ago.

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