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WEEKLEE NEWS
IN REVIEW


OUR TOP FIVE LOCAL AND NATIONAL

NEWS STORIES

WHEN WORLDS COLLIDE

SIOR


When it comes to the metaverse, “Everyone has to chill.” That’s Neil Mandt’s advice for SIOR members. Mandt is CEO of Digital Rights Management in Hollywood, Calif. Since Facebook founder Mark Zuckerberg uttered the word about two years ago as a rebranding strategy for Facebook, the media has been buzzing with the possibilities of the metaverse, especially as it concerns the creation, buying, and selling of virtual real estate.

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AVAILABLE RETAIL SPACE IN SAN DIEGO UP SLIGHTLY FROM HISTORIC LOW

Costar


The retail availability rate increased to 4.6% in the market to end the first half of the year, according to CoStar data. That is up from a low of 4.2%. Yet even as the rate has been rising, it’s still low from a historical perspective. Between 2015 and 2019, San Diego’s retail availability rate averaged 5.3% and never fell below 4.8%.

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OPPORTUNITY ZONES SHOWING SIGNS OF DELIVERING ON THEIR INITIAL PROMISE

Globe St.


The bipartisan Economic Innovation Group (EIG) looked at two research papers that examined Opportunity Zones (OZs). Although not perfect — no policy is — the “sharp departure from previous attempts” shows a path that future government actions in the area might model themselves on.

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IF RECESSION LURKS, HERE ARE THE SIGNS

Costar


The economists who have been calling for a recession ever since the Federal Reserve started raising interest rates are starting to feel more optimistic. Instead of seeing a contractionary economic environment, the nation continues to expand, albeit slowly. At the same time, inflation is subsiding, and the Fed is nearing the end of its historic rate-hiking cycle.

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HOTEL-TO-APARTMENT CONVERSIONS GAINING IN NUMBERS

Connect CRE


The report indicated that the decline of previous hotel markets is the catalyst driving the current wave of hotel-to-apartment conversions. “Hotels typically already have a layout that is similar to residential buildings, with individual rooms, bathrooms and sometimes even small kitchen areas,”

Neculae explained. “This reduces the need for extensive structural changes when converting.”

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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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www.lee-associates.com/sandiego