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Market Report

San Diego Market Report

4Q 2020

San Diego Retains High Percentage of Well-Paying Jobs; Sparse Near-Term Commercial Deliveries a Boon for Recently Vacated Properties

Office-using sectors largely maintain staff counts. Of the 142,000 jobs lost in San Diego from April to June, approximately 10 percent were in financial activities or professional and business Office-using sectors largely maintain staff counts. Of the nearly 230,000 jobs lost in San Diego during March and April, less than 10 percent were in financial activities or professional and business services, positions that accounted for one-fourth of the metro’s pre-pandemic employment base. Many jobs within these sectors are highly technical positions, making employers much more hesitant to lay off workers. This has enabled San Diego to retain a significant percentage of high-paying jobs throughout the health crisis. As expected, the leisure and hospitality sector has suffered a different fate, slashing 98,000 jobs during the initial months of the pandemic. While the industry has since recaptured more than 40 percent of these positions, future hiring will be hindered by subdued tourism and the county’s November slip into California’s most restrictive COVID-19 reopening tier, which prohibits indoor operations at restaurants and bars.
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