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6/09/25
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Real estate services firm JLL has just released new data on the office sublease submarket in San Diego. Here is a quick summary of that research, provided to us by JLL:
• The San Diego sublease market has reached a state of stability, evidenced by four consecutive quarters of declining sublease additions and levels notably lower than those seen from 2020 to 2023.
• Total sublease space has declined by over 1 msf year-over-year, now totaling 2.2 msf. As a result, the sublease availability rate declined to 2.7%, the lowest rate since Q2 2022.
• Nearly half of the available sublease space is concentrated in large blocks of spaces over 30k sf. Sublease space remains predominantly concentrated in technology and life science submarkets.
• The Eastgate, Sorrento Mesa, and Rancho Bernardo office submarkets account for 43% of the overall market's available sublease space. Meanwhile, the Downtown, Kearny Mesa, and Mission Valley central submarkets consistently show the lowest amounts of available sublease space.
• Employee return-to-office rates continue to rise, while the job market for office-based healthcare roles shows positive momentum. Notable examples include MedImpact reoccupying 158k sf and Kaiser reoccupying 80k sf of their sublease spaces in Q1.
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