Available Office Sublet Space in San Diego Reaches Six-Year High

Over 2.2 Million Square Feet of Office Sublet Space Has Been Listed on the Market

By Joshua Ohl CoStar Analytics

August 4, 2020 | 8:51 AM


San Diego's economy has experienced several hiccups since it started reopening in May, and many of the region’s office workers remain firmly planted in front of home computers. Area businesses continue to evaluate social distancing protocols within their space while assessing their office space requirements in an era when fully functioning office environments remain a thing of the past.


And it’s amid that environment that San Diego has been bracing for a wave of office sublet space to hit the market as business revenues shift and economic uncertainty reigns. Many tenants will be forced to shutter or downsize given the instability.


In early August, 2.2 million square feet of office sublet space in San Diego was listed on the market, according to CoStar research. That’s an increase of 12%, or about 230,000 square feet compared to the same time last year. That was only the second time in the past six years that the amount of office sublet space in San Diego exceeded 2 million square feet.


For comparison, the current level of available sublet space is similar to what the region saw during the height of the Great Recession, when 2.3 million square feet was regularly available between 2008 and 2009.


The recent bump in sublet space was driven by two availabilities. In Sorrento Mesa, American Specialty Health put its 200,000-square-foot space at the Elements at Wateridge up for sublease heading into the summer. That came after La Jolla Pharmaceuticals placed its 80,000-square-foot space at Axiom in University Town Centre on the market.


Those spaces came to market amid a pandemic and county-wide vacancy rate north of 10%, a four-year high, and an availability rate above 14%, a five-year high.


All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.  The owner of will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.


Keeywords: San Diego Commercial Real Estate For Sale, Commercial Property In San Diego, Commercial Real Estate In San Diego, San Diego Investment Real Estate, Commercial Property Management In San Diego, San Diego Commercial Property Management, Commercial Property Management San Diego, Managed Commercial Property San Diego, Commercial Property For Sale San Diego, San Diego Commercial Real Estate Leasing, Top Real Estate Agents in San Diego, Commercial Property in San Diego, Property Management Company San Diego, Real Estate Agent in San DiegoSan Diego Commercial Real EstateReal Estate Agent Contact UsBrokerage, Property ManagementMultifamily Sales Apartment Sales


TCN_logo_29588c_RGB.png

VISIT US AT

  • Grey LinkedIn Icon
  • pccnews
  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey Instagram Icon
Q3-Winner_Badge_US&CAN.jpg

(619) 469-3600  |  10721 Treena Street, Suite 200, San Diego, CA 92131  |  License # 01209930