Commercial Sales in 2024 were the equivalent of 2023 (approximately $20M each year).  All of the 2024 building sales were on Prospect St, Pearl St, and La Jolla Blvd which shows how little transaction inventory occurs on Girard, Herschel, and Fay Ave. We completed leases on Girard Ave in 2024 with Gorjana, Yoga Box, & Cabachon (for an expanded appliance business) and are excited to see Faherty and restaurant by Paul Basile and Jules Wilson, Roseacre, open in 2025.

• The sale of commercial property for redevelopment has dropped by 90% since 2021 at its peak. The contributing factors are scarcity of available property for developers to purchase + rising interest rates.
• Our estimates show ground up development projects currently under construction that will total 767 apartment units in Bankers Hill
• Park Summitt, the next luxury tower in Bankers Hill, at 6^th and Upas is delivering 230 of the best rental residences in San Diego in Q2 2026.
• Bankers Hill’s growth includes restaurant additions of:
  • Books and Records – one of the hottest new restaurant openings at 2202 4^th Ave
  • Jon and Vinny’s – an L.A. based restaurant opening in 2026

2024 showed commercial properties sales totaling $525,566,000.  Apartment investment continues to dominate the story downtown with Radian, Park 12, Simone, Lindley, and West all delivering luxury high rise living in Downtown.  There are major shake ups in the office landscape as well including major office buildings selling for potential apartment conversions and office buildings selling for below replacement cost as the supply outpaces the demand in office space downtown driving a reposition.  Javier’s, the Orange County restaurant chain committed to a big lease, along with Equinox to occupy a portion of the RaDD development by IQHQ that is still seeking life science tenants.  Horton Plaza has signed Sweetgreen restaurant among other new tenants.

Consortium Holdings Restaurant group behind Ironside Oyster, Born & Raised, among others has assumed control of the 4 parcels on the North East Corner of Juniper St. and Kettner Blvd. for a planned redevelopment.

Trammel Crow Development is planning to reposition the corner of India & Grape Street for a new mixed use project on the site of the current ALSCO facility.

Davanti Enoteca has sold their business and lease to a new operator and the Little Italy Food Hall is planning to shudder soon, showing the impacts of ever changing restaurant demand.

Commercial sales increased in 2024 to $24,290,000 a 40% increase from 2023.   The sale of land for development is down from its peak in 2021, as it is everywhere, but a large office building on University Ave and 28^th Street was sold to an apartment developer who is planning an 8 story building to included approximately 120 new apartments.

There was a major tell with owner users buying numerous North Park properties in 2024, showing us that those in the know, are investing in this neighborhood including Consortium Holdings who acquired a property on 30^th Street planning for another bar concept in the future coming off the success of their new restaurant Leila. 

Finca, new restaurant by beloved chef Joe Bower and front of house dynamo and sommelier, Dan Valerino, are racking up a following for their new tapas inspired wine focused restaurant.  Love Song Coffee and Finca are on North Park way, quickly becoming one of the most charming streets for retail activity in North Park.

Bar Nice is opening across from Taco Stand and Underbelly in 2025 at the remodeled Lynhurst project. 

Hillcrest is poised as one of the neighborhoods to experience the most dramatic change in the next 5 years, in all of San Diego we believe.  The density under construction and planned for new housing units in Hillcrest is approximately 1,183 new units plus Mode and The Denizen that were completed in 2024 adding another 300 + units recently completed.

The restaurant and retail scene has remained relatively unchanged in 2024 without any major new arrivals to note.

Hillcrest total commercial sales in 2024 climbed by 59% from 2023 led by the $21,000,000 sale of 6 parcels on 4^th and Pennsylvania Street to Cedar Street Development, completed by Jim Rinehart and Julie Steinbeiss.