WEEKLEE NEWS
IN REVIEW


OUR TOP FIVE LOCAL AND NATIONAL

NEWS STORIES

RETAILS SALES RISE, IN-OFFICE WORK MAY BOOST CAREERS, INFLATION EXPECTATIONS DECLINE

Costar


May’s U.S. retail sales posted a sizeable increase from the prior month and year-earlier figures, aided by wage gains in a relatively strong job market, according to the latest Retail Monitor report from the National Retail Federation and business news site CNBC.

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HOW CRE CAN RISE TO THE CHALLENGE OF ESCALATING INSURANCE PREMIUMS

Globe St.


From recent Midwestern tornadoes to a 2024 hurricane season projected to produce 17 to 25 named storms, natural disasters are on the rise, spurring dramatic increases in commercial property insurance pricing. While some locations are more vulnerable than others, rising insurance rates are unavoidable. In the previous five years, commercial property insurance costs increased more than 70%, according to Moody's.

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SAN DIEGO BREAKS GROUND ON $100 MILLION REVAMP OF BROWN FIELD AIRPORT IN OTAY MESA

San Diego Union Tribune


San Diego officials broke ground Monday on $100 million in upgrades to Otay Mesa’s Brown Field that could turn the underused 880-acre airport into an economic catalyst for the region. The project is the first part of a four-phase development plan that will include a modern terminal, a new customs inspection facility, dozens of commercial hangars and more than a million square feet of retail space.

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CRE PRICING INCHES UP IN MAY

Connect CRE


The Green Street Commercial Property Price Index increased 0.7% in May from the previous month. The all-property index, a measure of pricing for institutional-quality commercial real estate, has increased 1% this year and is now 21% below its peak in March 2022.

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YET ANOTHER SURPRISINGLY ROBUST LABOR MARKET

Costar


Employment growth was surprisingly strong in May, as employers added 272,000 jobs, according to the federal Bureau of Labor Statistics. This was far above consensus expectations of 180,000 in a market that had shown signs of cooling.

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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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