Several move-outs and a lack of new deals drove net absorption negative and the vacancy rate to 5.6%.

COVID-19 has driven more retailers into bankruptcy, resulting in nationwide store closures that may impact the San Diego market.

The average asking lease rate was flat year over year at $2.47 NNN, but down $0.07 from Q1 2020.

No new shopping centers broke ground or delivered this quarter, but several renovation or expansion projects are actively or soon to be underway.