San Diego Sets North County Lease Record

Office and industrial space leasing in northern San Diego County reached a record 2.7 million square feet last year, a 25% increase over 1986, according to Robert Dunham, president of the Newport Economics Group.

Total office space leased amounted to 420,000 square feet, a gain of 35% over 1986, while industrial space commitments increased 20% to 2.3 million square feet.

Industrial and office space vacancies are similar, at 24%, based on a total inventory of just under 11 million square feet in the North County. Included in the area are such communities as Escondido, Carlsbad, Oceanside, San Marcos and Vista.

Office development has been concentrated in Carlsbad, accounting for about 60% of the recent activity, while industrial development has been almost equally divided between Carlsbad and San Marcos, Dunham said.