CONSUMERS CONTINUE TO CARRY THE ECONOMY

Costar

Economic growth in the first quarter of 2024 appears to be on a rosy trajectory. Multiple reports show that consumers continue to carry the economy by spending freely despite still-elevated inflation and debt levels ticking higher. Growth in the 2% to 2.5% range for the first quarter appears likely, boosted by solid momentum from the second half of last year.

EXECS: ONCE-IN-A-GENERATION OPPORTUNITY FOR OFFICE

Globe St.

Office is a plummeting disaster that has no future, and the sky is going to fall. But is it? Is everyone who was in an office going to work from home constantly and never return? Or will companies get everyone to come in at least two or three days a week and then realize they need someplace to simultaneously put them all?

JOB GROWTH ZOOMED IN MARCH AS PAYROLLS JUMPED BY 303,000 AND UNEMPLOYMENT DROPPED TO 3.8%

CNBC

Job creation in March easily topped expectations in a sign of continued acceleration for what has been a bustling and resilient labor market. Nonfarm payrolls increased 303,000 for the month, well above the Dow Jones estimate for a rise of 200,000 and higher than the downwardly revised 270,000 gain in February, the Labor Department’s Bureau of Labor Statistics reported Friday.

INDUSTRIAL MARKETS WITH THE BEST FUNDAMENTALS

Globe St.

The industrial sector has probably held up best of any in commercial real estate post-pandemic and during the fall in transactions, values, and rent growth. According to data from Yardi Matrix, the national average rent in February was $7.68 per square foot. That was down four cents from January but still up 7.5% over the previous 12 months. The average rate signed in the last 12 months was $10.31. The average vacancy rate was 5.0%.

GLOBAL OFFICE LANDLORDS SEE UPTICK IN LEASE RENEWALS

Connect CRE

More than 80% of global office landlords are seeing an uptick in lease renewals thanks in part to their emphasis on creating elevated workplace experiences, according to the fifth annual VTS Global Landlord Report. Just 41% of landlords are prioritizing lease-up of vacant space.

FEATURED PROPERTIES

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

www.lee-associates.com/sandiego