WEEKLEE NEWS
IN REVIEW


OUR TOP FIVE LOCAL AND NATIONAL

NEWS STORIES

U.S. INFLATION EASES TO LOWEST LEVEL IN THREE YEARS

Connect CRE


The consumer price index for August rose 0.2%, as expected, and 2.5% year-over-year, below forecasts for a 2.6% rise and a notably cooler pace than the 2.9% reading in July – the smallest increase since January 2021 and the fifth straight pullback. Core CPI inflation, excluding food and energy, rose 0.3% in August versus expectations of 0.2% and 3.2% from a year ago, reported the Bureau of Labor Statistics (BLS).

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AS OFFICE CONSTRUCTION LEVELS WANE, SOME OF THE RIGHT BUILDINGS ARE IN THE WRONG LOCATION

Costar


Throughout the post-pandemic era, the resilience of new office construction has been one of the very few bright spots in the commercial office market. Now, with development at a historical low and the amount of first-generation supply dwindling, many occupiers are taking a pass on even the newest buildings.

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SAN DIEGO'S INDUSTRIAL MARKET NAVIGATES SUPPLY PRESSURE

Costar


Otay Mesa has borne the brunt of that supply pressure. Of the available space completed in San Diego since last year, roughly 2 million square feet is located within two miles of the port of entry there. That space has come online at a time when large industrial occupiers have shown caution in the face of broader macroeconomic concerns, which has stifled leasing activity for spaces above 50,000 square feet.

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WOULD SAN DIEGO BENEFIT FROM A BERKELEY-STYLE ZONING CHANGE?

San Diego Union Tribune


Berkeley is likely to pass a new law in October that would get rid of its previous zoning law, passed in 1916, and allow up to three story apartment buildings on single-family lots in most of the city. There are some density limits based on lot sizes — it’s likely limited to two to seven units for the most typical lot sizes — and some neighborhoods were exempted because of fire safety concerns.

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AN INDUSTRY ON THE ROPES: CRE HOPES A RATE CUT WILL GET IT BACK ON ITS FEET

Bisnow


The left jab was the onset of the coronavirus pandemic, ushering in a prolonged era of empty office chairs, shuttered businesses and hollowed-out landmarks of commerce, entertainment and public life. Then came the right hook. Just as the commercial real estate industry stumbled to its feet, a fast and furious barrage of rate hikes entered the fray, knocking the wind out of a sector pumped up by the frenetic free-money party that gobbled up assets when debt was cheap.

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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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