PROPERTY PRICES FELL TO START QUARTER, BUT SIGNS OF IMPROVEMENT EMERGE

Costar

The start of the second quarter did little to reverse the slide in commercial property prices in the past year or so, but small signs of improvement emerged. While CoStar Group’s U.S. composite price indices fell in April, transaction activity picked up, the average deal size increased and the amount of time properties stayed on the market began to shrink.

SAN DIEGO AIRPORT'S MEGA TERMINAL 1 PROJECT GETS SOME FINANCIAL HELP FROM FEDERAL GOVERNMENT

San Diego Union Tribune

San Diego International Airport learned Friday it was awarded a $23.5 million federal grant to be used toward financing the replacement of the aging Terminal 1, a project that is currently under construction. San Diego’s grant was among dozens of infrastructure awards totaling $187 million that were made to airports in 34 states, the Federal Aviation Administration announced.

REDO OF SAN DIEGO MALL TO ADD LUXURY APARTMENTS

Globe St.

One of San Diego's highest-profile shopping malls is slated to become part of a mixed-use development with luxury apartments. Simon Property Group is planning to redo the west end of Fashion Valley, replacing the JCPenney store that anchors the mall with an upscale multifamily campus featuring 850 luxury residential units.

INDUSTRIAL DEMAND SLOWS AND VACANCIES NORMALIZE

Globe St.

Industrial CRE has seen high inflation and costs slow demand. And yet, according to CommercialEdge, that has only caused vacancies to normalize. There has been a push by the federal government for more manufacturing, particularly in semiconductors and clean energy, respectively through the CHIPS and Science Act and the Inflation Reduction Act.

TRADER JOE'S SCOUTS OUT TWO DOZEN NEW STORES ACROSS US AS COMPETITION PICKS UP

Costar

The Monrovia, California-based chain, with 549 stores in 42 states and Washington, D.C., will be debuting another 24 locations across the country, according to company spokeswoman Nakia Rohde. Eight of those new stores are planned for Southern California.

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