San Diego office market settles into new year

The past few quarters have done little to alter San Diego's office narrative. New leasing volume fell for the third consecutive year in 2025, and San Diego has been one of several major office markets in the United States where leasing volume has largely plateaued 15% to 20% below the 2015-2019 average. An estimated 50% of pre-pandemic leases have yet to roll over, which is one of the highest percentages in the country.