Even choice Carmel Valley is caught up in down cycle
By Mike Freeman
STAFF WRITER
San Diego County’s office market deteriorated further in the third quarter – with even the region’s most sought-after, expensive business district, Carmel Valley, showing signs of stress.
The overall vacancy rate in the county was 17.1 percent, according to a report yesterday from CB Richard Ellis. That’s the highest rate since 1995. Last year at this time, office vacancy was 12 percent.
The availability rate, which includes space being marketed but still occupied for now or under construction, was 23.6 percent.