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Contact Us
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Cresa San Diego
12230 El Camino Real Suite 110 San Diego, California 92130 tel 858.794.5500 fax 858.794.5512 DRE# 01163646 dd 858.369.5417 dd 858.794.5501 dd 858.794.5510 dd 858.794.5512 dd 858.794.5504
dd 858.794.5507
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As we open each New Year with our newsletter, we like to provide a sense of optimism and promise. Unfortunately, we can't go quite as far as we would have hoped. 2013 will be challenging, no doubt. We do, however, expect a much brighter outlook 12 months down the road.
The first important note in this month's newsletter is the City Council's approval to renew the San Diego Tourism Marketing District (an advisory committee). This organization is expected to raise $1.2 Billion over the next 39+ years to promote tourism in San Diego. Being a major part of our economic base, we applaud this approval.
On the land-use front, Kilroy Realty Group is in the second round of their $650 Million future development submittal to the City of San Diego involving an impactful piece of property located at the SEC of Del Mar Heights Road and El Camino Real. Construction of this very mixed use project is expected to begin in late 2013.
Our third and last article discusses the desire of tenants to create a "greener" workplace. Cresa's own Michael Tobin is a part of the discussion. Interestingly, current occupants are less interested in their building being converted to a "greener" state, while relocating tenants rate the "greener" state much higher on their list of priorities. Bringing a building to a "greener" state can be costly; occupants who didn't anticipate these costs at lease commencement certainly aren't in favor of participating now. However, new tenants have the opportunity to consider and negotiate the additional costs as part of their lease, which brings the discussion of occupancy in a "greener" building to the forefront. In fact, a survey suggests that 14% of tenants would be willing to pay two to three percent more to be in a "greener" building. Some interesting contrasts are made in the article.
We at Cresa San Diego wish you all the best for 2013!
Don Mitchell
Managing Principal
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City Council Approves Renewal of Tourism Marketing District
San Diego Business Journal
San Diego City Council has approved a nearly 40-year renewal of the city's Tourism Marketing District by a vote of 6-1, with Councilwoman Marti Emerald dissenting.
City officials said the district is expected to raise approximately $1.2 billion for local tourism promotion over a period of 39.5 years. The original five-year marketing district had been set to expire on Dec. 31.
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Kilroy Realty Submits Scaled-Back Plans to City For $650 Million Carmel Valley Development
SD Metro
Kilroy Realty Corp. has submitted revised plans to the city for One Paseo, a proposed $650 million mixed- use development planned for a 23-acre parcel bordered by Del Mar Heights Road and El Camino Real in Carmel Valley.
The development, scaled down from an original proposal, would include 608 residential units, 471,000 square feet of corporate office space, 198,500 square feet of shops and restaurant space, a 48,000-square-foot cinema and 21,840 square feet for professional office space.
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Cresa, JLL Tell Owners and Tenants How to Drive Energy Efficiency Together
Energy Priorities
The commercial landlord-tenant relationshipcan be adversarial, with split incentives and other hurdles to implementing energy  efficiency upgrades. Two real-estate pros share their experiences from the front lines of sustainability and offer their advice for fostering collaboration.
There's a gap in perceptions about what is the most important activity for creating a greener workplace. In an instant poll at a conference session on green real estate, audience members ranked energy efficiency and indoor air quality at the top of the list. Tenants don't share that perception.
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Current Market Statistics
Governor Park Office Properties
Last month we provided stats for Kearny Mesa flex properties. This month we focus on office properties in the Governor Park submarket. Enjoy.
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About Cresa
Cresa is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Global Accounts, Portfolio Strategies, Location Planning, Lease Administration, Capital Markets, and Facilities Services. With more than 57 offices, Cresa is the largest tenant representation firm in North America. Through its partnership with Savills, one of the world's largest commercial real estate services firms; Cresa covers more than 255 locations in 40 countries. For more information, visit www.cresa.com.
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