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WEEKLEE NEWS
IN REVIEW


OUR TOP FIVE LOCAL AND NATIONAL NEWS STORIES

WESTFIELD READY TO RETHINK MISSION VALLEY WEST SHOPPING CENTER

San Diego Union Tribune


Westfield is seeking to remove the red tape restricting the development potential of its nearly 20-acre Mission Valley West shopping center just west of Mission Center Road. The property owner is close to securing an amendment to the Mission Valley Community Plan that would strike the shopping center from what’s known as the First San Diego River Improvement Project Specific Plan, a 41-year-old land-use document that complicates redevelopment.

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DON'T RELAX NOW. THE FED ISN'T DONE RAISING RATES

Globe St.


As many had predicted and markets priced into their activity, the Federal Reserve’s Federal Open Market Committee (FOMC) cut the pace of interest rate hikes by half, to 0.25 percentage points, on Wednesday. But don’t pop the champagne bottle yet. The Fed was clear that the rate hikes will continue on, although it hasn’t specified a time, and that means a continuation of uncertainty and the difficulty of attaining price discovery.

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CALIFORNIANS CAN VOTE TO DERAIL LOS ANGELES MANSION TAX IN 2024

Costar


The office sector’s future remains uncertain nearly three years after the pandemic disrupted the industry. Although some companies became more aggressive about bringing employees back into the office, others have fully embraced hybrid and remote work practices.

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RECORD YEAR FOR FUNDRAISING PUSHES TOTAL OPPORTUNITY ZONE INVESTMENT PAST $34 BILLION

Costar


Investors pumped $9.68 billion into qualified opportunity zone funds in 2022, bringing the total raised for investing in 8,746 areas federally designated as economically distressed to $34.09 billion since the opportunity zone program launched five years ago.

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CHULA VISTA BAYFRONT PROJECT BOOSTS SAN DIEGO COUNTY'S HOTEL DEVELOPMENT

San Diego Union Tribune


San Diego County hotel openings slowed significantly in 2022, but thanks to the long-awaited groundbreaking of Chula Vista’s bayfront resort hotel, last year’s construction activity increased sharply compared to 2021.

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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? 

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Steve Malley

smalley@lee-associates.com

858.453.9990

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