WEEKLEE NEWS
IN REVIEW


OUR TOP FIVE LOCAL AND NATIONAL

NEWS STORIES

OFFICE SECTOR IN EARLY PHASE OF MULTI-DECADE RESHUFFLING

Globe St.


As remote and hybrid work solidifies into a permanent dynamic, the office sector is facing new realities marked by distress that is expected to continue at least through the end of next year. The U.S. office market recorded $10.2 billion in transactions through the end of May, with properties trading at an average of $165 per square foot, according to CommercialEdge's National Office Report.

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WHAT'S CHANGED IN CRE SALES TRENDS

Globe St.


At the top, they saw the asking price per square foot climb by 3.76% across the marketplace, accompanied by a cap rate compression from 6.82% to 6.6%. While that is good news on the surface, asking rents aren't necessarily what tenants pay. Negotiations could result in lower numbers. Landlords might offer concessions to get tenants to commit to a lease, which reduces net rent over the term.

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CALIFORNIA HOME TO 1 IN 6 NEW JOBS IN MAY

Connect CRE


Employers in California created 43,700 jobs in May, or one out of every six new jobs nationwide, as the state’s unemployment rate dropped by 0.1%, Gov. Gavin Newsom’s office said Friday. Since May 2020, California has gained 3,100,400 jobs, an average of 63,273 per month.

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SHOPPING CENTER LEASING HITS FASTEST PACE IN TWO DECADES

Bisnow


It’s taking less and less time to execute leases in shopping centers across the U.S., as demand for retail space has risen after years of limited construction. On average, it takes owners just eight and a half months to find a tenant to fill newly available shopping center space, which is the lowest average in roughly two decades, according to CoStar data.

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NEWLY BUILT OFFICE BUILDINGS HANG ONTO THE GREATEST DEMAND

Costar


The office market has become a less-than-zero-sum game since 2020, one in which only buildings not yet a decade old have managed to increase occupancy. But now it faces another unprecedented set of circumstances, with lease-up occupancy slowing even as construction grinds nearly to a halt.

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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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