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SAN DIEGO—Welcome to the official launch of GlobeSt.com's San Diego's dedicated edition, where you will find analysis, deals, trends, forecasts, research and more on a daily basis. In addition to GlobeSt.com's daily dedicated market edition, it will distribute a weekly digest containing insights and analysis from its editorial team and San Diego's trend-setters.
“GlobeSt.com and the RealShare Conference Series are among the most recognized brands in the business and we continually look for opportunities to expand into new markets to better serve our customers,” says Michael Desiato, vice president & group publisher of the Real Estate Media Group. “We researched our audience's interest in what markets should be included in our 2015 expansion plans and we're very pleased to launch new online and events offerings in San Diego. This is the first of many new markets we plan to target in 2015.”
In preparing for today's launch, we exclusively chatted with multiple industry experts about the local CRE environment, challenges and opportunities. From our lengthy discussions, it was clear that the local market is definitely a go-to market for investors, and has major areas of opportunity, however the players in the market, and where those opportunities are exactly, isn't as clear cut as in other markets around the nation—It is spotty and there are many pockets.
Below are some of the key takeaways from our research that you need to know.
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San Diego's economy is a balanced economy led by industries relating to the defense, tourism, biotechnology / life science, communications, and international trade, Bob Prendergast, managing director at JLL tells GlobeSt.com.
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“San Diego is experiencing an overwhelming supply-demand imbalance, and with a strong barrier to entry for new development, the competition for institutional quality multifamily assets is fierce,” says Greg Campbell, senior managing director of acquisitions at TruAmerica.
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Despite the challenges previously mentioned, business is percolating along pretty well, Tim Cowden, SVP at Colliers International tells GlobeSt.com. Office and residential demand is outpacing new supply resulting in declining vacancy rates and increasing rents. “Construction of multi-family residential product will remain strong, construction of office and industrial product will remain moderate for the foreseeable future.”
According to Alvin Mansour of Marcus & Millichap (and a majority of the sources we spoke with) the future growth in the region is primarily in redevelopment of existing properties.
Check out the below stories to catch up on recent San Diego news as well as more detailed insights on those subjects. And don't forget to check back daily for many more exclusive stories from sources on the local market.
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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.
