The overall asking rate remained at $3.15 FSG. Although unchanged quarter-over-quarter, the asking rate is still the third highest on record and $0.07 higher than Q3 2019.

The unemployment rate was 350 basis points (bps) lower from the previous quarter, but is still unusually high and can be attributed to current public health conditions.

Sublease availability increased 30 bps to 2.5% and sublease vacancy increased 30 bps to 1.2%, but is still below levels in previous recessions.

Activity in venture capital is still going strong in Q3, reflecting investor confidence in the life science sector in San Diego, despite current economic conditions.