In partnership with the San Diego Building Owners and Managers Association, The Daily Transcript explores issues in developing, building and managing Class A properties.
San Diego County is currently in a transitional phase with more than 3.8 million square feet of new office construction completed in 2007 and an additional 2.9 million square feet currently underway. Although lease rates have remained somewhat stable, occupancy costs have risen significantly due to the consolidation of ownership, resulting in increased operating expense passthroughs. Still, downtown San Diego's strong local economy and high quality of life continue to make it a desirable location for business owners.
Grubb & Ellis|BRE Commercial, one of the leading providers of integrated real estate services, has announced several new lease signings in recent months, totaling more than $11.25 million, at Ventana Real, Carlsbad's newest and largest Class A office development located at the intersection of Salk Avenue and El Camino Real.
Since being named the tenant improvement contractor of choice for the Class A Ocean Ridge office building at Carlsbad Ranch in 2006, Prevost Construction has completed customized interior improvements for five image-conscious companies -- using its construction management expertise to ensure value-added space that meets each tenant's needs in form and function.
Construction of the new Pacific Medical Plaza overlooking Interstate-805 in Sorrento Mesa is underway with completion expected by late summer 2008. The three-story, 52,500-square-foot, Class A building features office suites from 1,500 square feet up to 52,500 square feet and abundant parking at 5.7 spaces per 1,000 useable square feet.
The San Diego Building Owners & Managers Association has announced the appointment of the 2008 board of directors.
No matter where you turn, warnings of global warming abound. Melting glaciers, rising oceans, stranded polar bears, droughts and hurricanes have all been blamed on an issue that some fear has irreparably changed our world and others dismiss as voodoo science.
Soon every aspect of real estate transactions will be conducted online. From browsing for properties to applying and signing the contract, customers are demanding an online, on-demand environment in which to complete the entire sales process.
The final countdown has begun for the much-anticipated Sunroad Centrum I, a spectacular Class A office tower in Kearny Mesa that represents the ultimate in forward-thinking design and amenities, and that will set the standard by which all future office developments in San Diego will be judged.
The assignment order is one of the most powerful, yet seldom used, collection tools in California. The statutory provision that empowers a judgment creditor to pursue an assignment order is somewhat obscure and certainly underused. This is because most collection agencies cannot afford the expense of an assignment order since the process is labor intensive and requires court appearances.
With the green movement continuing to sweep San Diego by storm, many businesses have started to look at how they can cut costs and help contribute a green building to San Diego. For many companies, solar electric panels for their roof have been the easy choice. You can eliminate or cut your electric bill, provide clean quiet energy and use your building as a testament to a community that desperately wants to be green. There is no question that solar sparks a lot of interest.
The city of San Diego's recycling ordinance will go into effect on Feb. 11. Are you ready to recycle? It's easier than you think if you use expertise from a trusted community partner like Waste Management of San Diego.
A security guard company's mandate is to guard and secure. Adopting "green" business practices will help to secure and enhance the sustainability of the environments in which we all work and live. The implementation of green technology will result in resource and energy conservation, financial savings and job performance efficiency.
Each year, from January to March, BOMA gathers office building actual income and expense data from building owners, building managers and portfolio managers that is analyzed and published in the Experience Exchange Report (EER).
When I first entered the commercial real estate industry many moons ago, I had no idea what a property manager's job entailed. I had worked in the legal field since college. You could say I was like most people who went to work in an office building or shopped in a shopping center or had my car repaired in an industrial park -- I just thought the buildings took care of themselves. Let's be honest, few children dream of becoming a commercial property manager. I had no intention of entering this field, but the many twists and turns that life has to offer sent me down a different career path. I just stepped into it and was literally handed a box of keys to my building on my very first day on the job.
Have you heard the news? The state of California has gotten itself back into the worst budget deficit in years, estimated at more than $14 billion.
The office market here is expected to be soft, and debt needed to acquire these buildings is very hard to obtain.
Construction is complete for the Pacific Cornerstone Architects-designed Spectrum Corporate Plaza, located on Lightwave Avenue in the Kearny Mesa area of San Diego.
While it could be rough for a while in the commercial markets, it is expected to smooth out in time.
The 74,891-square-foot Ocean Ridge office building on approximately 3.79 acres of land in the Carlsbad Ranch masterplan at 5796 Armada Drive in Carlsbad, has been sold for $27.5 million or $365.20 per square foot.
The office market isn't stronger than the nation's anymore, and with millions of square feet left to absorb and millions more in the works, filling up the space could take a long time.
For those in the commercial real estate industry, one cliché holds true: change is constant. And BOMA, the Building Owners and Managers Association, is designed to help its members manage the impact of that change.
This special report, produced in partnership with the San Diego Building Owners and Managers Association, looks at the construction, leasing, investing in and greening of Class A properties.
Find out what it takes to be rated Class A, what space is available, and what buildings and developments are at the head of the class, in this special report created in partnership with BOMA San Diego.
What does it take to be rated Class A? What buildings and developments are at the head of the class? Find out what Class A and other commercial space is available or under way around the county and elsewhere.
In this special report, sponsored by BOMA San Diego, we take a look at what it takes to be a Class A building in San Diego, as well as information on office space availability and absorption, legislative issues related to property owners and managers, and global offshoring and its effect on property management.