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OUR TOP FIVE LOCAL AND NATIONAL

NEWS STORIES

Q2 2023 ECONOMIC REPORTS

Lee & Associates


The Commerce Department said the U.S. economy grew at a 2.4% annual rate in the second quarter, an increase from the 2% gain in Q1, defying both expectations and attempts by the Federal Reserve to slow it down to curb inflation. Economists are now scaling back their prediction that national output will be pushed into a recession this year due to recent interest rate hikes by the Federal Reserve to reduce inflation.

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JOB GROWTH SIGNALS COOLING ECONOMY, LENDING STANDARDS EXPECTED TO GET TOUGHER, MORTGAGE RATES RISE

Costar


July’s government numbers showing the U.S. added a healthy but fewer-than-expected 187,000

jobs should help encourage the Federal Reserve to pause its rate hikes that have already worked to slow the economy and tame inflation, according to analysts at Oxford Economics.

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SAN DIEGO PLANNERS VOTE DOWN END TO SINGLE-FAMILY ZONING

Globe St.


San Diego’s Planning Commission has unanimously voted down the central element of Mayor Todd Gloria’s housing plan, a measure that would have eliminated single-family zoning in most of the city.

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US OFFICE LEASING PICKS UP, BUT FOR SMALLER SPACES

Costar


Office leasing in the United States took its biggest quarterly jump in two years as tenants seek smaller spaces. The amount of square footage signed is projected to total 98.5 million in the second quarter, according to Phil Mobley, CoStar Group's national director of U.S. office analytics. That amount is still 13% below the quarterly average from 2015 through 2019.

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MULTIFAMILY'S RENT GROWTH SLOWDOWN SHOWS SIGNS OF LEVELING OFF

Globe St.


Rent growth declined to below 1% last month, only the second time since the 2010 Great Recession. And it could head down further in the next few months, according to a post by RealPage Chief Economist Jay Parsons. But he expects the rent growth slowdown to level off relatively soon.

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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