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Earlier this year, downtown San Diego saw a major changing of the media guard when The Daily Transcript vacated its longtime home on Third Avenue — downsizing and moving into smaller quarters on Fourth Avenue following its acquisition by Daily Journal Corp. of Los Angeles.
PROPERTY: Economic Activity and Space Demands Raise Rents But Also Motivate Landlords to Improve Offerings
Many San Diego County office tenants landed some great “Class A” space at bargain prices in the immediate aftermath of the Great Recession of 2009-2010. Now, many of those businesses are facing what local commercial brokers aptly describe as “sticker shock,” as leases signed during that period come up for renewal.
San Diego’s home prices increased 6.6 percent in the year ending in September, according to an index measuring housing prices, continuing to exceed the average national bump.
The U.S. Bankruptcy Court has approved the sale of 47 more Haggen Inc. grocery stores in five states, including eight in San Diego County. Financial terms of separate purchase agreements involving several retailers were not immediately available.
Port district commissioners have approved a lease for a planned 400-room luxury InterContinental Hotel, to be developed on the southern portion of the former Lane Field ballpark site in downtown San Diego.
WORKFORCE: Offices Need to Reflect Changing Work-Life Balance
Downtown property owners may need to step up efforts to provide creative office space and other work-life amenities favored by the fast-growing and increasingly influential group known as millennials, based on recent demographic findings by the Downtown San Diego Partnership and University of California, San Diego. Partnership President and CEO Kris Michell said the nonprofit business advocacy group commissioned a study to determine how the 18-to-34 demographic will influence what has already been projected as an overall doubling of downtown’s current residential population by the year 2050, when it is expected to reach nearly 61,611.
The San Diego Union-Tribune will be relocating from its longtime Mission Valley home to a downtown office high-rise at 600 B St., with a move-in expected in May 2016, tower owner Lincoln Property Co. announced.
Intuit Inc., maker of popular financial software including TurboTax, Quicken and QuickBooks, is purchasing the four-building Carmel Valley office campus that it currently leases for $262.3 million, according to CoStar Group.
The Carlsbad City Council has voted to place a controversial retail and open-space development planned near the Agua Hedionda Lagoon on the ballot for a special election scheduled for Feb. 23, 2016.
Property owners and brokers recently announced significant lease deals in Poway and Carlsbad, including General Atomics Aeronautical Systems Inc.’s move to take 112,000 square feet in a Poway transaction valued at $4.2 million.
Locally based CityMark Development has obtained equity funding for a $48 million mixed-use apartment project previously announced for Little Italy, called Kettner Lofts, according to Fident Capital, which secured the financing.
As of press time, Westfield Inc. was mum on details of a pending sale of its Westfield Carlsbad to Rouse Properties, and what the deal will mean to what would have been a $300 million overhaul of the 46-year-old mall, formerly known as Westfield Plaza Camino Real. Rouse also wasn’t talking, and it wasn’t clear when the deal was first hatched or why Westfield was selling (and whether it will be a full or partial sale of Westfield’s interests).
ECONOMY: Study Sees Unaffordability of Market Reaching Unsustainable Level
San Diego County’s housing market, one of the least affordable in the country, is in danger of falling even further behind, a San Diego Regional Chamber of Commerce-backed study said last week, with housing shortfalls potentially leading to economic stagnation.
The Office of James Burnett (OJB), a Solana Beach-headquartered landscape architecture firm, recently received the 2015 ASLA Firm Award, the highest annual honor bestowed on a single firm by the American Society of Landscape Architects, a nationwide professional organization.
San Diego port district officials have issued a request for proposals to develop a restaurant at the end of the Imperial Beach Pier, in the spot currently occupied by Tin Fish.