Office space in San Diego is available at an all-time high of 34%, while tenants renting the rooms is contrastingly at an all-time low. Tenants who do business downtown are downsizing space. These are horrifying scenes for landlords and bare facts that things need to be done fast. Salvaging these losses includes an immediate plan to devalue spaces. However, Jason Hughes predicts that from Torrey Pines, a savior came potentially to solve these problems in the form of Life Science. The Pacific Gateway project, according to Jason Hughes, brought to bay a life science REIT called IQHQ, that has its headquarters in Solana Beach.
Alan Gold controlled the property, who interestingly bought 2/3rds of Pacific Gateway for tens of millions from Doug Manchester. With the climate, this was a sure steal. Jason says that IQHQ is planning to redesign the complex for life-science clients and rent spaces for 6 dollars per triple net (Csq).
For consumers who understand the triple net principle, a tenant pays for costs without owning property. This means that a client is excluded from paying rent which could be $7.50-$8.00 per square foot, which is a good deal. Jason Hughes is the CEO, chairman and an award-winning commercial tenant representation. He has been in the tenant and buyer deals for more than 25 years. He mainly focuses on blog topics dealing with property to guide tenants reading his blog.