This special report highlights the hot commercial real estate spots around the county. We'll also offer insight on things to consider when searching for commercial space and when improving your space to appeal to new tenants.
While downtown San Diego's residential boom has dominated recent headlines, it has quietly emerged as one of the nation's most hospitable places to conduct business. Downtown has had more than 5 million square feet of office space become available since 1975, with another 28 million square feet anticipated over the next 25 years.
With vacancy rates in San Diego continuing to rise, tenants are shopping around for office space in the city's premier addresses and negotiating tenant improvements prior to signing leases.
When approaching a tenant improvement or remodeling project, a very common method of selecting a project team is the traditional competitive bid approach -- the general contractor and subcontractors bid for the project all at once after project plans have been finalized.
The San Diego Building Owners and Managers Association (BOMA) recently honored excellence in the commercial real estate industry at the 20th Annual Office Building of the Year (TOBY) Awards.
One of the most exciting projects to be built in San Diego in many years is open for business. Biogen Idec's "West Coast center of excellence," which sits on Nobel Drive just west of Interstate 805, will soon be the workplace for hundreds of biotech employees.
Office overview
Carrier Johnson, a Southern California architectural and interior design firm, is designing the $45 million DiamondView Tower, a 14-level, mixed-use building with office, retail and restaurant space.
Construction is under way for Tower 23, a new 45,000-square-foot oceanfront boutique hotel located at 4551 Ocean Blvd. in Pacific Beach. Graham Downes Architecture Inc. is providing full architectural design services for the project.
Tilt-up construction -- a method in which concrete wall panels are cast on a floor slab, erected into place, and finished on the outside with paint or other material -- has long been regarded as one of the most efficient ways to construct buildings. Tilt-up combines the advantages of low maintenance, durability, speed, minimal capital investment and architectural appeal.
More and more businesses in San Diego County are looking to purchase their own buildings as investment opportunities, versus leasing office suites as tenants.
Like many growing urban areas, San Diego is in critical need of more parking spaces to accommodate the city's burgeoning residential, retail, office, educational and commercial development. With available land for parking lots hard to come by, parking structures are the most viable option.
The security of a commercial building as it applies to occupants, equipment and infrastructure has become more important than ever before for business owners and property and facility managers.
"Live Work Play" has become the mantra of downtown promoters to describe the vibrant mix of residences, offices, restaurants, shops and more now found in San Diego's revitalized downtown community. Soon, San Diego will have another "Live Work Play" model to promote: Liberty Station.
San Diego's recent growth and evolution has dictated a need for architectural firms to keep up with the times. That ability to respond quickly to changing market demands has proven to be the key strength for Smith Consulting Architects since its inception 16 years ago.
Time is money; and money is money. Contractors and others involved in disputes can anticipate the loss of both, not to mention the heightened stress accompanying contentious controversies.
Seven leases, totaling 42,000 square feet with a value in excess of $6.5 million, have recently been signed at the 24-story, 544,000-square-foot 701 B St. high-rise in downtown San Diego.
On occasion, once-monumental buildings become eyesores to their communities. Many of these buildings, most 50 years and older, typically are in need of major structural, aesthetic and technology overhauls. In many cases, sadly, these buildings are left abandoned and eventually are demolished.
In the greater San Diego region, demand for retail space is extremely high and expected to remain so. Retail property vacancies are at a low 3.4 percent, and are expected to diminish. Rental rates for retail space are increasing, but the market forces driving retail sales in San Diego are even more dynamic.
The office building investment fever that has swept the nation has produced record prices for San Diego properties in 2004, according to a preliminary analysis of first half COMPS by CoStar Group. CoStar COMPS is the nation's most comprehensive verified sales transaction database. A final report on first half sales and third-quarter leasing market conditions will be published in CoStar Group's third-quarter market overviews in early October.
At Coldwell Banker Commercial, we strive to demonstrate the superior results achieved on behalf of our clients. Our unique business model has evolved over time and is based on the collective experience of the broker-owners of the company, many who have been market-dominant sales professionals and leaders within the industry for over a decade.
As an owner in your construction company, or any other venture for that matter, you are ultimately an "investor." Do you take the time to plan annually and set a targeted return on investment off of which you benchmark? Considering the extreme risk taken in the construction business and the significant dollars invested, why wouldn't you?
Life sciences facilities present a multifaceted and unique challenge for the operations team. The underlying objective of any facility team is customer service. The number one goal of any facilities team is to support the science. Life sciences facilities are operated and designed for the purpose of research and development. The facilities team must focus on supporting this research and development through assurance that the facility operates at the highest and most efficient level. They must be proactive to meet these needs and ensure that no interruption in building systems occurs. Thus, the scientific research teams can focus on their core objectives.
As one of San Diego's oldest and largest real estate services firms, we at Burnham Real Estate believe we have a responsibility to be an active and contributing member to the community.
On the surface, it appears as though the course of the San Diego County apartment market in 2004 can be summarized as a simple upward path of price escalations.
Voit Development is planning at least one, possibly two large industrial projects in the South Bay while it continues to acquire and fix other properties.
Grading is expected to begin early next year on the planned 152-acre Pacific Coast Business Park, which is the second phase of Rancho del Oro development in Oceanside.
San Diego's office market may have stumbled briefly, but it is definitely in recovery mode.
The industrial vacancy is in single digits everywhere in the county. Now where's the land?
Grand Pacific Resorts plans for a 700-room hotel have become more real, and the rest of Carlsbad Ranch hasn't exactly been idle either.
San Diego's retail economy just keeps improving, and that keeps pushing the demand for new construction.
This special report, produced in partnership with BOMA San Diego, focuses on the management, construction and value of commercial properties.
The Transcript partners with BOMA San Diego to bring you news, views and market trends.
This special reports highlights hotspots, space use trends, market reports, what's available and what's being developed in commercial real estate.
Buy. Sell. Lease. Renovate. Find out the latest in San Diego commercial real estate in this annual edition. Highlights include a roundtable discussion, a CEO profile and industry news on what's currently on and off the market.
This annual report highlights the hot spots for commercial space around the county, exploring what's available on the market and what markets are topped out. We'll also provide expert insight on how to improve commercial space for tenants and discuss commercial space trends.
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