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The 2007 first quarter countywide industrial and R&D vacancy rate grew by nearly 1% to 7.8%, about 0.4% lower than the national average of 8.2%. The industrial and R&D vacancy components stand at 7.0% and 9.7%, respectively. First quarter combined industrial and R&D net absorption totaled a negative 1.53 million square feet. Most of this negative activity occurred in the Rancho Bernardo submarket where two major tenants contributed to a net loss of nearly 958,000 square feet. At the 970,000-square-foot Sony facility on W. Bernardo Drive, major demolition resulted in an effective “move-out” of 700,000 square feet. Sony continued to occupy the remaining 270,000 square feet. In addition, Unisys vacated its building at 10850 Via Frontera, contributing 303,000 square feet to direct vacant inventory. Countywide, net absorption for industrial space (manufacturing, warehouse, distribution, and multi-tenant/incubator buildings) totaled a negative 1.21 million square feet and R&D (flex, wet lab and corporate headquarters buildings) totaled 323,811 square feet. The only major market area with positive absorption was North County R&D (79,963 square feet). Approximately 2.23 million square feet is currently under construction with over half (1.28 million square feet) being developed in Rancho Bernardo. About 30% of the construction activity in the San Diego region is concentrated in the North County.
Contact Chris Reutz at 858.677.5385 for more information.
  San Diego Industrial Knowledge Report 2007Q1.pdf
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