San Diego unemployment dropped again last month to 7.4%, or 17% less than last year, according to Cresa. A sharp increase in office leasing activity, combined with low vacancy for large users and rising lease rates should result in spec office developments for some central submarkets. San Diego's biotech industry remains strong, and the city is sixth in the country for investment dollars. One caveat: the ongoing uncertainty in DC and looming cuts in government contracts. Major office leases include the City of San Diego, 90k SF; NuVasive, 62k SF, and Wells Fargo, 61k SF. Cresa pegs the Class-A office vacancy rate at 15.4% in the CBD and 10.6% in the suburbs.
Job Numbers: Clear and Cloudy
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