Western Real Estate Business

MAY 2017

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C ommercial real estate firms are on the move throughout the West, but no mar- ket is more active than San Diego. Some of the industry's biggest players have decided to upgrade their digs in America's Finest City in pursuit of happier employees and office prototypes they can be proud of. Much of this motivation stems from the rise of Millennials in the workforce, the large amount of tech- and creative-focused firms in the area and surveys like CBRE's an- nual Americas Occupier Survey, which touts the importance of an effective workplace experience. The study surveyed 176 American executives, with 67 percent noting employee sat- isfaction was the key measure of the success of their workplace strategy programs. Cost per square foot came in second, with occupancy cost per employee and target cost reduction rounding out the list. Additionally, 55 percent of respondents said talent at- traction or retention was among the top three drivers of their organizations' workplace strategy, followed by promoting collaboration and operating expense savings. W REB recently gathered four of the West's top retail experts to talk shop on both a macro- and micro-level. SOUTHERN CALIFORNIA STRIP CENTERS: THE SHINING LIGHT IN THE WORLD OF RETAIL By John Read, Vice President, National Retail Partners – West Team, CBRE With the first quarter of 2017 behind us and an ongoing bumpy ride across the larger retail tenant sector, many investors are curi- ous which segment of the retail investment property market is seeing the strongest buyer activity and how pricing now compares to 2016. The simple answer is pricing for most well- located Southern California retail invest- ment properties, including single-tenant net leased (STNL) and grocery-anchored shop- ping centers, remains relatively stable. High- quality unanchored centers, multi-tenant retail strip centers and pads in strong retail locations continue to enjoy near-record pric- ing. The same is true for projects with high credit tenancy and those with demonstrated BeachWalk is a coastal center steps from the sand in the San Diego submarket of Solana Beach. It sold for $33.25 million in the mid-to-high 5 percent cap rate range. SAN DIEGO CRE FIRMS EMBRACE THE CREATIVE OFFICE CONCEPT The La Jolla and UTC areas of San Diego have gained some innovative office products as of late – and some of their biggest fans are the local branches of globally recognized commercial real estate firms. By Nellie Day see SAN DIEGO, page 70 see SHOPPING, page 67 One La Jolla offers modern workspaces with 10 feet of floor-to-ceiling glass for maximum daylight. SHOPPING FOR SUCCESS The ever-changing nature of today's retail environment means landlords and investors are constantly searching for the next solution and the latest, greatest trends. By Nellie Day Nevada turns its focus to healthcare real estate. page 50 New Mexico Market Highlight page 38 page 52 Data Center Update Colorado Market Highlight page 40 INSIDE THIS ISSUE www.REBusinessOnline.com May 2017 • Volume 14, Issue 9

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