On a recent real estate symposium experts said that technology, biotech, defense, and tourism and various combinations of all four are expected to have a continued strong impact on the local real estate demand. San Diego is well positioned by its key economic drivers to capitalize on a U.S. economy that remains relatively stable compared to many other large nations. At the same time, technologies initiated by the military are now spawning their own growth clusters in the San Diego and being a military region for several decades. Retired local military members have access to insured and guaranteed loans, which help support San Diego’s real estate and housing sectors. According to military advisory council national defense spending overall was expected to generate approximately six million jobs in real estate and 5 million jobs in construction. Tourism also stands to boost local real estate demand, especially related to hospitality and retail.
Excerpts from the Article:National defense spending overall was expected to generate approximately six million jobs in real estate and 5 million jobs in construction during fiscal 2014, according to the military advisory council. Technologies are not only merging locally – with the use of wireless in health care being a prime example, said Cushman & Wakefield’s Brent Jacobs – but also allowing companies to locate beyond the city’s traditional tech and biotech hubs, such as Torrey Pines and Sorrento Mesa. As space in those markets fills up, tech companies – though relatively few life-science firms at the moment – are gradually migrating to places such as downtown San Diego, Carlsbad and Oceanside, said Jacobs, a San Diego-based executive director in Cushman & Wakefield’s global life-sciences practice. Citation and link:
Lou, Hirsh. “Key Economic Drivers to Keep Fueling Real Estate Demand.” SDBJ News., 12 Dec. 2014 Web. 19 Dec. 2014.