THE DRIVERS BEHIND CALIFORNIA'S CRE SECTORS

Connect CRE

A new forecast of the three-year outlook for CRE in California paints a generally optimistic portrait of the state of the industry. Industrial and retail appear to be in relatively good shape, and prospects for multifamily are brighter in the southern portion of the state. But there’s a fly in the ointment. Unsurprisingly, it’s the office sector.

GRANT APPLICATIONS OPEN MONDAY, FEBRUARY 12 TO HELP SAN DIEGO SMALL BUSINESSES COVER STORM AND FLOOD RELATED COSTS

San Diego Union Tribune

City offering up to $5,000 for small businesses - those with no more than 12 employees - that incurred damage in recent rains. Applications accepted until Feb. 27.

RETAIL TENANTS STAY PUT AMID DWINDLING SPACE OPTIONS

Costar

Overall, the retention ratio for shopping centers, or the percentage of occupied square footage that was not vacated during the year, stood at 97.4% in 2023, in line with recent highs and nearly 0.8% higher than the ratio during a wave of store closings from 2017 through 2020. While seemingly small in percentage terms, a 0.8% shift in the retention ratio equates to approximately 42 million square feet of shopping center space not vacated during the year.

ECONOMISTS FEAR THESE FACTORS COULD DERAIL THE SOFT LANDING

Globe St.

The immediate future and chance of a soft landing are looking bright, according to two different respected surveys of economists. But each has a concern over conditions that could turn the good times bad.

SAN DIEGO INFLATION RATE DROPS TO LOWEST LEVEL IN THREE YEARS

San Diego Union Tribune

San Diego County’s inflation rate in January dropped to its lowest level in three years. Prices were up 3.8 percent to start the year, down from 5.2 percent in November, according to data released Tuesday by the U.S. Bureau of Labor Statistics’ Consumer Price Index. It was the lowest inflation rate since January 2021.

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At Lee & Associates, our reach is international but our expertise is local market implementation. With offices across the nation and Vancouver, Canada, Lee & Associates is one of the largest and fastest growing commercial real estate organizations in North America. 

Founded in 1979, our experience and expertise offers extensive local market knowledge, seasoned agents, industry leading technology, and a commitment to achieving our clients long-term real estate goals and successes. Lee & Associates understands real estate and accountability, and provides an integrated approach to leasing, operational efficiencies, capital markets, property management, valuation, disposition, development, research, and consulting.

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Steve Malley

smalley@lee-associates.com

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