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2010 YTD as of 7/7/10
Source: CoStar
- Total Inventory
At the end of the second quarter of 2010, there were 12,784,961 square feet of medical office space or 961 medical office buildings in San Diego County, according to CoStar Realty Information, Inc. These totals include office buildings with medical space of all sizes in San Diego County.
- Asking Rates
The total (direct and sublease) medical office average asking rent was $2.53 full service (FS) compared to $2.47 in the first quarter of 2010 and $2.54 recorded in the second quarter of 2009. Direct average asking rent (FS) was $2.52 in the second quarter of 2010 compared to $2.47 in the first quarter and $2.55 a year ago. Overall, asking rents have started to stabilize over the last four quarters.
- Absorption
Direct absorption was positive 35,007 square feet in the second quarter of 2010 compared to negative 25,295 in the first quarter of 2010. Sublease net absorption was negative 17,618 square feet in the second quarter resulting in a total net absorption of 17,389 square feet countywide.
- Vacancy Rates
The countywide direct vacancy rate was 13.0 percent and sublease vacancy rate was .03 percent bringing the countywide overall vacancy rate to 13.3 percent or 1,882,560 square feet. In comparison, the countywide vacancy rate including sublease was 12.8 percent a year ago (2Q09) and 9.0 percent two years ago (2Q08).
- Construction Activity
As of the second quarter of 2010, only 44,000 square feet or one medical office building was under construction countywide.
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Need more information? Contact:
Jolanta Campion
Director of Research
Cassidy Turley BRE Commercial
4350 La Jolla Village Drive, Suite 500, San Diego, CA 92122
Direct: (858) 625-5235 • Fax: (858) 630-6320
jcampion@breb.com • www.brecommercial.com
CA Lic. 01785014 |
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