News
San Diego In Elite Company
September 18, 2012
| At Allen Matkins? View From the Top event in Beverly Hills, North County included in the pantheo, with Seattle, the San Francisco Bay Area, and West LA. And Kilroy Realty Corp president John B. Kilroy Jr isn't done: his company has a $2B development pipeline in San Diego. |
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| One of the flagship properties KRC is working on is One Paseo, a mixed-use development proposed in Del Mar. Billed as the main street of Carmel Valley, it'll have 500k SF of office, 250k SF of already leased retail, and 600 residential units. John notes San Diego now has 10 quarters of positive absorption, averaging about 900k SF per quarter: ?They're running out of bigger spaces for quality tenants.? |
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| Cassidy Turley San Diego senior managing director Rick Reeder tells us that, in contrast to a slow first half, San Diego's sales volume has picked up as owners try to get product out to market before year-end. In addition, he says the leasing markets are starting to cooperate. ?People are starting to realize that there's a real opportunity in San Diego to not only underwrite to a good yield but actually achieve it.? Three months ago, Cassidy Turley sold a vacant 110k SF, bank-owned building in north San Diego, built by Opus at the height of the market, to Regent Properties. Today, the entire building is under lease to three tenants. ?No tenants in their hip pocket, all market-related demand.? |
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| We took this of Allen Matkins? David Osias, the law firm's managing partner. He's based in San Diego where he focuses on bankruptcy and creditors? rights and water resources. Some of the city's big issues right now, he says, include the remodeling of Balboa Park as well as the mayoral election, a runoff between two very conservative and very liberal candidates. ?It really will affect a lot how the city's growth is steered.? He's also got his eyes on the ball as commissioner of a fantasy baseball league, now celebrating its 27th year. With just a few weeks left, David's team is in first place. |
