SAN DIEGO—The Mission Valley office market is well positioned for renovations and upgrades, since 65% of the inventory is either class-B or -C, Cushman & Wakefield's senior managing director Frank Wright tells GlobeSt.com. Wright recently brokered a deal for which Johnson & Jennings did extensive capital improvements at Hazard Center Office Tower here. The scope of work included expansive lobby renovations on the plaza level and ground floor, new shower, locker and fitness facilities on the ground floor and elevator lobby upgrades throughout the building. We spoke exclusively with him about the Mission Valley office market in terms of renovations and redevelopment.
GlobeSt.com: How would you describe the market for renovating/renovated office space in Mission Valley?
Wright: The Mission Valley office market is very receptive to renovations of both entire buildings and office spaces/common areas. Tenants in all submarkets are demanding higher-quality experiences that include updated building standards for their tenant improvements and more on-site amenities.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
