From a business perspective this probably isn’t the greatest news in world, but according to a story in the North County Times Carlsbad office space vacancy rate is soaring.
Leasable office vacancy rates in the posh coastal city have risen to 24.2 percent in the third quarter, the report stated. That’s up from 21.2 percent in the second quarter and just 10.2 percent in the third quarter of 2006. “Leasable” refers to empty space that is on the market and leased space that is unused and could be rented to someone else. . . “Vacancy has continued to shoot up as construction has been outpacing absorption,” said John Hoffmann, a senior vice president at Burnham, a real estate research firm in San Diego.
Looks like this may have something to do with the recent softening of the real estate market in general. Sadly, we’re going to guess this vacancy number will go even higher in the short term.
[Link: North County Times]
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