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Article: Office market approaches 2m square feet absorbed.(Real Estate)
- Article from:
- San Diego Business Journal
- Article date:
- November 7, 2005
- Author:
CopyrightCOPYRIGHT 2005 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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San Diego's office market was surging during the third quarter, with leasing activity that included 633,000 square feet of space absorbed, according to Burnham Real Estate's new third-quarter report.
This means that the market is expected to reach--and maybe exceed--2 million square feet of positive net absorption for the year.
The third quarter of 2005 marked the best single quarter since the same period in 2003, and accounts for about 40 percent of the 1.6 million square feet of year-to-date net absorption, which already exceeds last year's pace by 16 percent.
"New inventory is driving this momentum, as tenants who signed leases in 2004 and ...