Demand for conventional office space in San Diego County took a hit in the fourth quarter of 2022 as soaring interest rates and an overall cooling of the economy took their toll.
Office leasing activity that had been on an upward trajectory at the end of 2021 and beginning of 2022 did a sharp turnaround in the last six months of the year, down almost 50% posting 1.1 million square feet – the lowest level since the end of 2020, according to Kidder Mathews.
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