Region’s commercial real estate vacancies foster empty feeling
By Roger Showley
Union-Tribune Staff Writer
San Diego’s office market reached the 20 percent vacancy rate for the first time in 16 years, CB Richard Ellis said yesterday in its third-quarter report on the commercial real estate market.
The rate was even worse when factoring in the sublease space available, which raised the vacancy level to 25.6 percent.
To put the statistics in brick-and-mortar terms, 14.5 million square feet out of a 56.6-million-square-foot base equates to nearly all the office space in downtown and Mission Valley, the region’s two biggest office markets.