OFFICE SPACE DEMAND RISES FOR SIXTH STRAIGHT EXECUTIVE MONTH

Connect CRE

Nationally, the VODI increased to 55, marking a 19.6% year-over-year and 7.8% quarter-over-quarter rise in demand for office space. Aside from the immediate decline in demand during the heart of the COVID-19 pandemic, the national VODI bottomed out in December 2022 at 44 and has trended upward since.

SAN DIEGO SEES FEWER STARTUP DEALS IN 2023 AS INVESTORS WRITE LARGER CHECKS FOR SELECT COMPANIES

San Diego Union Tribune

Lenders have lost patience waiting for an office sector recovery that has failed to materialize and owners of struggling assets are finding it difficult to refinance debt at terms they can actually pay, market insiders say, kicking off a wave of forced sales that are expected to dominate capital markets throughout the year.

IT'S ANOTHER MONTH OF NEGATIVE MULTIFAMILY RENT GROWTH

Globe St.

The good news for owners and operators is that year-over-year drops in rent have bottomed out. However, that still leaves them at 1% under last year, making apartments slightly cheaper than they were. That may not ultimately be so bad for those that had been running a multifamily property for enough time. National median rent remains more than $200 over what it was three years ago.

HERE'S HOW SOME APARTMENT PROS MAY DEAL WITH HIGHER INTEREST RATES, INSURANCE COSTS

Costar

Attendees discussed using alternative financing to regular banks to fight the reduced lending with higher borrowing costs and whether to consider insurance rates in where they choose to buy or build. And the discussion turned to whether building more will reduce high rent costs. But the multifamly professionals generally focused on urging the Fed to start cutting interest rates.

BEST MORTGATE RATE FORECASE: EXPECT VOLATILITY IN 2024

San Diego Union Tribune

Some simple math suggests the average 30-year mortgage rate will run between 7.3 percent and 5.9 percent in 2024. And that’s without doing much thinking about the Fed’s next moves, how the economy might fare, or what’s next for inflation.

FEATURED PROPERTIES

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

www.lee-associates.com/sandiego