Author: David Marino
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The Misapplication Of Comp Data In Commercial Real Estate
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In many real estate transactions, buyers and sellers assess the market value of a property using market comparables, or “comps,” of similar recently sold properties. Within residential real estate, comps are powerful indicators of market value since sales can be accurately compared (“comped”) with similar properties based on square footage, condition, age and other features…
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As San Diego County’s economy improves, there’s growing risk that “crazy money” from real estate speculators could take prices back into bubble territory, a panel of local business and civic leaders told a packed audience at the Estancia La Jolla resort. A truly sustainable recovery will depend more on the creation of walkable, bikable neighborhoods than a short-lived influx of…
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2012 was the best year in the commercial real estate market since 2006. The year closed out the second year of what is going to be a long and drawn-out commercial real estate recovery. On the heels of absorbing (net square footage leased) 1.96M square feet of office, lab/flex and industrial space in 2011, San Diego County absorbed another 2.72M…
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The biotech and biofuels industry are critical employers in San Diego and contribute to high paying jobs in the region. The industry goes back decades to the non-profit Torrey Pines research institutes such as The Scripps Research Institute, The Salk Institute, Sanford Burnham and UCSD. These research organizations are responsible for spinning out many companies, and are the heartbeat of…
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We have all learned that regional weather forecasts can be useless when talking about the “microclimate” of your own neighborhood. A “mostly sunny” weekend forecast doesn’t mean much when a storm rains out your kid’s soccer game. The same analogy applies in the commercial real estate market. Regional lease rates and occupancy trends provide a useful backdrop, but it’s vital…
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The best way for a commercial real estate tenant to get value and low cost has been to find a good sublease. In fact we have a few clients that just move from sublease to sublease, every other year finding the cheapest deal they can. However with the improving economy and commercial real estate market, the days of the cheap…
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David Marino has the hottest office space in San Diego. The commercial real estate broker moved his firm, Hughes Marino, into the old San Diego Magazine building in December, after transforming it into an employee’s dream. The downtown building, which cost close to $5 million to acquire and renovate, is so jaw-dropping that almost every local publication has written about…
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In reading media headlines, it’s hard to decipher if the economy is recovering, slowing or heading for a “double dip.” Part of the problem behind the headlines is that it’s an election year, and there is tremendous political spin that distorts the reality of how things really are. Further, government economic data looks backwards in the economy, versus having good…
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As the commercial real estate market tightens countywide, across all product types (but particularly in larger blocks of space over 50,000 square feet and the Class A office market), tenants need to adapt their thinking when they are looking to lease or purchase new space for their businesses. Having experienced the ups and downs in the San Diego commercial real…
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Real estate is typically the second largest fixed cost line item on a company’s expense statement after payroll. Company owners and management teams diligently seek to manage and reduce these real estate costs in every way possible. Doing more with less represents increasing productivity and profitability. But there is a larger and often missed opportunity with corporate real estate that…
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Over the last four years of the commercial real estate recession, most tenants’ leases in San Diego County have expired. When faced with that event, there has been a tremendous migration of tenants in all office submarkets moving from Class B buildings to Class A buildings. Tenants that signed leases for Class B space in 2003-2006, signed as the market…