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WEEKLEE NEWS
IN REVIEW


OUR TOP FIVE LOCAL AND NATIONAL NEWS STORIES

BUSINESS TRAVEL, CONVENTIONS REVVING BACK UP

San Diego Business Journal


The San Diego County Regional Airport Authority reported nearly 4 million passengers flew into San Diego International in the first quarter of 2022. That number compares favorably to 2021 and 2020, when the pandemic caused a sharp decline in travel to the San Diego region.

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OFFICE USAGE IS UP, BUT WHAT ABOUT VACANCY?

Globe St.



There’s no denying that the WFH trend is leading to higher vacancy rates in the office sector, but according to a trio of analysts from Moody’s, “there’s more nuance than meets the eye.” Data from Kastle Systems shows that physical office usage hit 40.5% nationally last month, the highest since the onset of the COVID-19 pandemic in 2020. The physical utilization rate has been climbing since then, save a few dips related to the outbreak of new variants.

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CALIFORNIA'S $100 BILLION SURPLUS: WHAT TO KNOW ABOUT NEWSOM'S SPENDING PLAN

Cal Matters


Roughly half of the surplus is required by law to be spent on education. That leaves “only” roughly $49 billion in discretionary money, and the governor wants to reserve 99% of that for one-time spending: $18.1 billion to provide financial relief for Californians buffeted by inflation, plus $37 billion for infrastructure investments, including $5.6 billion for education facility upgrades, and an extra $2.3 billion for the ongoing fight against COVID-19.

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SAN DIEGO MAYOR PROPOSES LARGE, DIVERSE INFRASTRUCTURE INVESTMENT FOR 2023 BUDGET

KPBS


Mayor Todd Gloria highlighted infrastructure funding in his $4.89 billion Fiscal Year 2023 proposed

budget on Thursday, including a major investment in water, sewer and stormwater infrastructure.

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SOUTHERN CALIFORNIA CONTINUES INDUSTRIAL MOMENTUM INTO 2022

Commercial Search


Industrial demand continues to be on the upswing, with Southern California leading the way in this aspect, according to the latest CommercialEdge industrial report. As of March, rents were highest in markets like Orange County ($11.80 per square foot), Bay Area ($10.99) and Los Angeles ($10.45), driven by companies chasing space in the region. Meanwhile, growth of in-place rents soared in Los Angeles and the Inland Empire in March (6.8 percent over the last 12 months), and Orange County (5.2 percent).

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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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