The San Diego commercial office market will lag behind the San Francisco and Los Angeles markets, with recovery not expected until 2012, according to the Allen Matkins/UCLA Anderson Forecast Commercial Real Estate Survey.
“In the case of San Diego, our forecast is for office using demand to return to its 2009 level in 2012, With an increase in the stock of office space from those projects already underway in 2006, 2007 and 2008, falling rental rates and occupancy rates follow.”
The upside is local businesses should be able to negotiate better terms on new and renewing leases.
The report does provide a slight silver lining. We are not as bad as Orange County, which isnt expected to see 2006 levels reached again until 2014.
Bob Wilson is a 19 year vet of the San Diego real estate market & has seen all aspects of the real estate cycle. Facing foreclosure? Not sure if a short sale is a viable or suitable option? Call me.
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