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Contact Us
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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 858.794.5510
dd 858.794.5512
dd 858.794.5504
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Industrial business has long been a part of San Diego's economic stability, but with the expansion of the biotech industry, it has become extremely important for tenants to protect themselves in their leases in regard to hazardous materials. For example, a tenant will need to be protected from hazardous materials that pre-existed on a property they are moving to. Pre-existing hazardous materials as well as the condition of a property depends on a property's previous users and neighboring users. In order to confirm the property condition, a Phase I Environmental Report can be obtained prior to signing a lease. It is prudent to update the report at lease expiration to establish an updated baseline. The lease language should include landlord representations, warranties, and indemnification from any discovered hazardous materials that are found to be pre-existing, as well as landlord approval in the lease for materials that you, our client, may store or use on the premises. The cost for remediation can be extremely expensive and the use of the facility can be compromised, so it should not be taken lightly.
Secondly, this month we have included an article indicating that San Diego employers expect to hire at a solid pace in the second quarter, according to a Manpower Employment Outlook survey. Almost 20% expect to hire, while only 8% expect to trim their staffs. The net effect is approximately 11%, up 6% from the first quarter of the year. The construction industry is expected to lead the hiring trend, which is good news for all if it comes to fruition.
Finally, we at Cresa San Diego are pleased to have hired Simon Terry-Lloyd as a new team member and Vice President. After graduating from Torrey Pines High School in 1993, Simon received his bachelor's degree from University of California, Berkeley, where he was a member of multiple national championship rugby teams, and went on receive his M.B.A. from San Diego State University. He is a true local product, and his depth of experience, including five years in the commercial real estate industry, along with his positive attitude and integrity are foundations for a career of success with Cresa San Diego.
All the best,
Don Mitchell
Managing Principal
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 Removing Hazards from Commercial Leases
Western Real Estate Business
 Many tenants, whether in industrial or retail settings, need to store and use hazardous materials on their leased premises to conduct their business. Landlords will often present tenants with their standard lease form and, after obtaining information about the hazardous materials the tenant intends to bring to their property, request the tenant agree to strict indemnification provisions and use limitations in the lease. Don't sign just yet! Tenants should ensure their rights are protected and responsibilities are appropriately assigned in the lease.
Always conduct appropriate due diligence prior to entering into a lease. Adequate due diligence will reveal prior uses and the current environmental condition of the premises and be sufficient for a tenant to become comfortable with certain risks in leasing and occupying the premises. Consider how any existing contamination will affect a tenant's intended construction, excavation, and use and assess potential risks of liability for remediation and tort, business interruption costs and legal costs.
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Positive Job Market Expected for the San Diego Region
SD Metro
San Diego employers expect to hire at a solid pace during the second quarter of this year, according to the Manpower Employment Outlook Survey. From April to June, 19 percent of the companies interviewed plan to hire more employees, while 8 percent expect to reduce staff. Another 69 percent expect to maintain their current workforce levels and 4 percent are not certain of their hiring plans. This yields a Net Employment Outlook of 11 percent.
"Hiring activity is expected to improve during the second quarter of 2013 compared to the first quarter of 2013 when the Net Employment Outlook was 6 percent," said Manpower spokesperson Phil Blair. "Employers expect slightly more robust employment prospects compared with one year ago when the Net Employment Outlook was 9 percent."
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Cresa San Diego Names Simon Terry-Lloyd as VP
The Daily Transcript
Cresa San Diego, a corporate real estate
 advisory firm that represents tenants, named Simon Terry-Lloyd as vice president.
In this role, Terry-Lloyd will offer tenants and buyers expertise in asset leasing, purchasing, sustainable development and construction.
"We are pleased to have Simon as part of our team. His positive attitude, upstanding qualities, and drive to succeed are evident and respected by all of us at Cresa San Diego," said Don Mitchell, managing principal.
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Current Market Statistics
University Towne Centre
Last month we provided stats for Carlsbad industrial and flex properties. This month we focus on class "A" office properties in the UTC 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, Corporate Solutions, Portfolio Strategies, Location Planning, Lease Administration, Capital Markets, Mission Critical Solutions, and Facilities Services. With more than 58 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 173 locations in 40 countries. For more information, visit www.cresa.com. |
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