San Diego office market activity stays flat in the first quarter

In the first quarter 2024, the San Diego office market saw relatively flat leasing activity from last quarter at 1.1 million square feet (msf). This remains slightly below the five-year quarterly average of 1.2 msf. Due to higher inflation, slowing office-using job growth, and economic uncertainty, companies such as lllumina, Bristol Myers Squibb, NuVasive, and Scripps Health have all announced layoffs recently. Along with the slowdown in leasing in the local biotech sector, demand for office space has remained lower than expected. As a result, expect tenant-favorable market conditions to remain for the foreseeable future.

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