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San Diego County office vacancy rate dips
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A Union Tribute article discussed a report this week showing that county office vacancy rates worsened in the 1st quarter, from a year ago. The rate now stands at 18.7%, and is predicted to peak sometime in 2011 at 24.5%! A year ago the rate stood at 15%.
The vacancy rate for offices are tied to the local job market obviously, and with San Diego and California having some of the highest unemployment rates in the county, we can expect to see the office vacancy rate getting much worse before it gets better.
For small businesses looking to enter into a lease, renew a lease, or even renegotiate an existing one, now is a good time to explore those possibilities. Tenants have the leverage in bad times like these to ask for concessions such as perks, free rent, more favorable termination clauses, etc. This is a great opportunity to take advantage of the favorable bargaining position and lower your costs.
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