WEEKLEE NEWS
IN REVIEW


OUR TOP FIVE LOCAL AND NATIONAL

NEWS STORIES

DEMAND FOR RETAIL SPACE KEEPS RISING DESPITE LIMITED AVAILABILITY

Costar


Demand for retail space expanded by nearly 13 million square feet in the quarter, a more than 80% increase from the first quarter in which retailers filled just 7 million square feet of store space nationally on a net basis, and marked the 14th consecutive quarter in which retail tenants filled more space than was vacated. Meanwhile, the availability rate for retail space remained at a historic low of 4.5% at the end of the second quarter.

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THE YIELD CURVE IS MOVING BACK TO NORMAL. DOES IT MATTER ANYMORE?

Globe St.


It's been showing signs of reverting to normal. The two yields ended August 27, 2024, equal to 3.83%. On the 28th, the 10-year was one basis point above the 2-year, officially being a disinversion, however, on both the 29th and 30th, they were equal again. Then, September 3rd brought the two-year at 3.88%, four basis points above the 10-year's 3.84%. After, the 10-year over 2-year, was 3.77% over 3.76% on the 4th; 3.73% under 3.75%; on the 5th; and 3.72% over 3.66% on the 6th.

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MIDWAY RISING GETS ANOTHER YEAR TO FINALIZE DEAL FOR SAN DIEGO'S SPORTS ARENA SITE

San Diego Union Tribune


The city of San Diego has pushed back the deadline to finalize a deal with the development team selected two years ago to remake the city’s 48-acre sports arena site in the Midway District. The parties, tied together in an exclusive negotiation agreement that was set to expire on Dec. 5, now have through Dec. 5, 2025, to negotiate a long-term ground lease and complete the environmental review of the Midway Rising project.

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MULTIFAMILY LOOKS FORWARD TO INCREASED DEAL FLOW

Globe St.


Current trends point to a case for "moderate optimism" about the health of the multifamily sector and the likelihood of increased deal flow, according to Yardi Matrix's August 2024 nationalmultifamily report. The main reason for this optimism is the Fed's stated intention to begin cutting interest rates. The report noted that there is plenty of dry powder already sitting around with money ready to move into multifamily. However, high rates have discouraged investors from making many moves.

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CRE MORTGAGE LENDING INCHES UPWARD IN Q2

Connect CRE


Commercial and multifamily mortgage loan originations increased 3% overall in the second quarter of 2024 compared to a year ago, and increased 27% from Q1 2024, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. However, the level of increase or decrease varied widely among property types.

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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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