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Rising availability leads to an increase in options across the market
Overall and class A availability rates in San Diego increased year-over-year by 200 and 130 basis points, respectively, to 17.3% and 18.3% in the first quarter of 2019. With a total inventory of 63.3 million square feet, overall availabilities range from 4.7% in the South/Southeast Corridor submarket to 21.9% in the North County West submarket. The I-15 Corridor, North Cities, North County West, and South/Southeast corridor submarkets all saw some tightening in class A availability over the past year. In contrast, class A availability rates – and tenant options - sharply increased in the Central Suburban submarket where availability increased by a staggering 1,170 basis points over the year. The Highway 78 Corridor and Downtown submarkets also saw more space come to market over the year, but at more muted increases.