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OUR TOP FIVE LOCAL AND NATIONAL NEWS STORIES

STUDY: SAN DIEGO'S LIFE SCIENCES CLUSTER IN THE EARLY STAGES OF AI-ML BOOM

San Diego Regional EDC


While the pandemic devastated many sectors of our economy, the Life Sciences cluster experienced a striking 11.2 percent job growth (51 percent over the last decade). The cluster boasts a $27 billion annual economic impact, with 1,800 Life Sciences firms employing more than 61,000 San Diegans—nearly three times as many Life Sciences jobs as the national average.

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OWNERS OF SINGLE-TENANT PROPERTIES RUSH TO LIST SITES FOR SALE AS INTEREST RATES RISE

Costar



Rising inflation is causing an influx of single-tenant commercial properties to hit the market after the number of sales shrank in the third quarter, a marked change from the first half of the year.

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FED UNLIKELY TO PIVOT ON RATES AS LABOR MARKET REMAINS SOLID

Costar


While economic activity has been slowing in response to rising rates, the labor market soldiers on. Despite anecdotal reports of firms threatening layoffs and hiring freezes, initial claims for unemployment insurance remain low, similar to monthly averages seen during the three years prior to the onset of the pandemic. And employers are still looking to hire workers for positions left empty during the pandemic, posting more than 10 million job vacancies on the last day of August.

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U.S. RETAIL SALES UNCHANGED; CONSUMERS SHOWING RESILIENCE

U.S. News & World Report


U.S. retail sales were unexpectedly flat in September as households cut back on purchases of motor vehicles and other big-ticket items like electronics and appliances amid stubbornly high inflation and rapidly rising interest rates.

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SAN DIEGO'S OFFICE MARKET SEES OCCUPANCY GAINS AMID THE PANDEMIC

Costar


The San Diego office market is one of only two in California that has seen occupancy gains since the arrival of the pandemic. San Jose is the other. Net absorption, which measures the change in occupancy over time, was positive between the second quarter of 2020 through the third quarter of 2022 in San Diego. That was driven by occupancy levels in Class A office space.

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ABOUT LEE & ASSOCIATES

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.


Commercial Real Estate Questions? 

Please Contact:


Steve Malley

smalley@lee-associates.com

858.453.9990

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