By the numbers: San Diego's office vacancy rate hit 19.6% in June, according to Moody's. That's up from 15.7% at the end of 2019, just before COVID-19 led to widespread work from home.
That pales in comparison to San Francisco, where the vacancy rate jumped from 8.8% in 2019 to 21% last month.
The big picture: The national vacancy rate reached 20.1% in the second quarter — the highest it's been since at least 1979, when Moody's began tracking it.
What we're watching: The glut of vacant office space is expected to only get worse, with 1.7 million square feet of space about to hit the market with the Research and Development District, or RaDD, and another 600,000 square feet of space coming from the Horton Plaza redevelopment.