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SAN DIEGO—GlobeSt.com recently reported that Kidder Matthews has expanded into San Diego, opening an office and hiring three senior brokers and a managing partner. In an update to that story, we chat more with two of the firm's executives on opportunities in San Diego, why now was a good time to expand, and more.
“San Diego is an attractive investment market and demand is expanding from core to secondary markets. Leasing is also robust in virtually every submarket and product type.” That is according to Mark Read, a veteran with more than 30 years in the commercial real estate industry, who joined the firm to serve as the managing partner for the San Diego office. Read was formerly a broker and then senior managing director for CBRE, where he managed more than 220 employees and 100 sales professionals across multiple service lines. Most recently, Read, was an executive managing director for Voit Real Estate Services, where he was responsible for the company's Orange County, Inland Empire and Los Angeles offices.
Read tells GlobeSt.com that vacancies are shrinking and rates are rising. Existing landowners, he says, will also have build-to-suit opportunities.
Of the challenges in the state, including red tape, taxes, water etc., he notes that San Diego has a lack of developable land. Still, he says, the city's future lies in spec development and redevelopment.
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As for why now was a good time to expand here in San Diego, Jeff Lyon, CEO of the firm, tells GlobeSt.com that the firm's long term strategy is to continue to grow on the West Coast, so “expanding further south fits with our plan.” San Diego, he says, is a great market and the company has existing property management business there. “With all of the consolidation going on in our industry, it creates tremendous opportunity for us, as no one else has a platform like ours,” Lyon adds.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
