San Diego North Cities Office Insights Q4-2024
San Diego’s office market has not experienced the same onslaught of vacancy as many other U.S. cities.
However, certain areas do have above-average availability rates, resulting in more competitive concession packages for well-represented tenants. The North Cities submarkets—including Del Mar Heights/Carmel Valley, UTC, Governor Park, La Jolla,Torrey Pines, and Sorrento Mesa/Valley—currently have a total availability rate of 17.3%. UTC, a submarket with approximately 9 million square feet of office space, has an availability rate of 23%, and Del Mar Heights is 18.5% available. If you are a tenant with an upcoming lease expiration it’s important to fully understand how to leverage the current market dynamics to your benefit.
