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WEEKLEE NEWS
IN REVIEW


OUR TOP FIVE LOCAL AND NATIONAL

NEWS STORIES

PRICES ARE IMPROVING IN MANY PROPERTY TYPES

Globe St.


Yes, office, storage, and life science saw falls compared to March 2023. But prices were up for gaming, ground lease, healthcare, strip center, lodging, mall, data center, tower, industrial, and cold storage. In those sectors, there were stable cap rates and growing NOI. Private-market real estate was about 10% over estimated fair value, but listed REITs were fairly priced compared to bonds and inexpensive compared to the S&P 500.

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CONSUMERS ARE DOING ALRIGHT, SO FAR

Costar


The University of Michigan last week reported the preliminary results of its consumer sentiment survey for June, finding that anxiety appears to be diminishing — possibly due to resolution of the

debt ceiling crisis.

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WELCOME TO CONVOY: 30-FOOT SIGN COMING SOON TO TRENDY SAN DIEGO NEIGHBORHOOD

San Diego Union Tribune


The 30-foot, vertical structure, which will be installed on the median at Opportunity Road and Convoy Street in Kearny Mesa, is made possible by $1.5 million in funds contributed by the city of

San Diego, a sum that includes $500,000 from the just-approved budget for the upcoming fiscal year.

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TOURIST SPENDING IN SAN DIEGO SETS A NEWE RECORD. BUT FOR LOCALS THAT STAYCATION WILL COST YOU A LOT MORE

San Diego Union Tribune


Tourists in San Diego are spending more than they ever have — a record $13.6 billion in 2022 — even as the number of visitors has yet to rebound to levels seen before the pandemic arrived more than three years ago. Credit longer overnight stays and inflation — including higher room rates and more expensive meals out — concludes a newly released report from the San Diego Tourism Authority.

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HOUSING CONSTRUCTION STARTS RISE, LOGISTICS COSTS SURGE, OFFICE ATTENDANCE EDGES LOWER

Costar


Single-family housing construction starts hit their highest level in 11 months in May despite elevated interest rates, as multifamily construction posted larger gains on a percentage basis, according to new numbers from the Commerce Department and Department of Housing and Urban Development.

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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

LinkedIn

www.lee-associates.com/sandiego