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Shopping centers light up area''s commercial market: Credit Union''s former headquarters sold for condo development.

Publication: San Diego Business Journal
Publication Date: 29-SEP-03 		Format: Online - approximately 942 words
Delivery: Immediate Online Access
Full Article Title: Shopping centers light up area''s commercial market: Credit Union''s former headquarters sold for condo development.(News & Trends)(industrial and office buildings)

Article Excerpt
Shopping centers continue to be prime property in San Diego County.

Compared to industrial and office buildings, which have vacancy rates slightly below and slightly above 10 percent on average, shopping centers are performing quite well this year.

According to San Diego-based brokerage BRE Commercial, retail vacancy dropped from 5 percent to 4 percent in the second quarter countywide.

In the South Bay area, vacancy dropped to an all-time low of 2.53 percent. Homebuilding has by far outpaced retail construction.

As a resident of South County, it is clear there is a shortage of shopping and restaurants in the area. But, as the San Diego Business Journal reported a few weeks ago, several shopping centers are planned or under way in eastern Chula Vista.

Developers are busy in North County as well, with a few million square feet between projects...

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