The end of 2021 saw San Diego’s office leasing activity improve to its highest levels since the pandemic. More than 7.8 million SF of space was leased, with levels approaching recent historical averages. The fourth quarter of 2021 surpassed 2.0 million SF of lease transactions. With the recent increase in leasing volume, vacancy dropped slightly from 11.7% to 11.3% quarter-over-quarter. Currently, the total amount of available space throughout the market is about 18.9 million SF, nearly 900,000 SF more space than Q3 21.
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