San Diego Office Figures Q4 2025

Market Overview 

• The total vacancy rate was unchanged in Q4 but expanded by 80 bps Y-o-Y.
• While net absorption was negative in each quarter of 2025, occupancy losses moderated in
  the year’s second half.
• Class A product posted negative demand in Q4, but annual net absorption for high-end
  space was positive for a second consecutive year.
• Downtown concluded 2025 with the area’s first quarter of positive net absorption since Q4
  2024 and a 20-bp decline in vacancies.
• The average asking rent was virtually unchanged in Q4 and expanded by 3.9% Y-o-Y.
• No projects delivered in 2025 and likewise, no properties were under construction at year’s
  end.