WEEKLEE NEWS
IN REVIEW


OUR TOP FIVE LOCAL AND NATIONAL

NEWS STORIES

STABILITY STARTS TO EMERGE IN COMMERCIAL REAL ESTATE

Globe St.


The commercial real estate industry has been trying to sort out, and lobby for, where things are going. Goldman Sachs said office markets, maybe the most rattled part of CRE, have bottomed. Price increases could also indicate the start of a bottom according to a CoStar report. Then again, private CRE funds are facing pressure from investors and Federal Reserve Chair Jerome Powell recently said the central bank is in no hurry to raise rates.

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HERE'S WHAT PROPERTY PROS LEARNED IN THE FIRST HALF OF 2024 - AND EXPECT IN COMING MONTHS

Costar


So far in 2024, high interest rates that have gone unchanged longer than some real estate executives had hoped in January affected many aspects of the nation's property market, from housing sales and inventory to office transactions and valuations. Until things change, property professionals have said they're holding on, hoping market conditions improve next year and learning from the first half that some conditions could stay the same.

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OCCUPANCY IN OLDER OFFICE BUILDINGS DROP AS TENANTS FLOCK TO NEW BUILDS

Globe St.


Office buildings constructed within the past decade are more successful at maintaining occupancy in the new hybrid work environment following the pandemic. Buildings in the 3 to 10 year old range are maintaining most tenants and occupancy, the report said. But even those buildings are seeing increased subletting availability as tenants show a preference for the newest construction.

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FEDS STEPPING UP SCRUTINY AS FALLING PROPERTY VALUES EXPOSE FRUAD

Bisnow


Federal prosecutors and regulators are tracking a noticeable uptick in falsified financial reporting on loan documents from the mid-2010s through 2021, The Wall Street Journal reports. Rising interest rates have left many of the landlords at those properties struggling to stay afloat, exposing their schemes and leaving them open to prosecution.

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RETAIL LEASING SURGES IN SAN DIEGO DURING THE SECOND QUARTER

Costar


The second quarter saw the highest new retail leasing volume in San Diego in two years, driven by Dollar Tree’s acquisition of a dozen 99 Cents Only stores that had closed during the past three months. More than 800,000 square feet of retail space was leased during the second quarter. That marked the first time since 2022 that volume exceeded 700,000 square feet, and that number will continue to rise as CoStar research collects additional lease transactions.

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FEATURED PROPERTIES

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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www.lee-associates.com/sandiego