Figures
San Diego Industrial Figures Q3 2026
Leasing momentum continues while new supply slows
October 9, 2026 5 Minute Read
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- Leasing remained strong in Q3 2026, with tenants signing 3.14 msf, the fourth largest quarter in three years, and year-to-date leasing topping 10 msf. Central San Diego (1.32 msf) and North County (915,000 sq. ft.) led activity, and North County was the only submarket with positive net absorption at 259,000 sq. ft.
- The development pipeline continued to tighten, with 482,000 sq. ft. under construction, down 48.9% quarter-over-quarter, limiting new supply as the market absorbs existing space.
- Asking rents edged up 0.7% quarter-over-quarter to $1.41 per sq. ft. NNN, though they remain 5.4% below a year ago.
- Net absorption was negative 1.19 msf, with three buildings accounting for roughly 857,000 sq. ft. of the decline. Vacancy rose 110 bps to 7.4% and availability reached 10.0%, with South San Diego highest at 13.5% and East County lowest at 1.6%.