Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-MIT Lending has signed a 62-month, $1 million lease for 6,856 sf of office space in Rio Vista Tower at 8880 Rio San Diego Drive, according to Burnham Real Estate.

Chris Powers of Burnham Real Estate says the mortgage lender plans to move into its new space in January. Powers and Murray Wachtel of Cornish and Carey in Sacramento represented the MIT Lending, with Paul Brown of Business Real Estate representing the landlord, Hyundai Rio Vista Inc.

The MIT transaction is one of myriad deals that have brightened the outlook of late in the San Diego County office market, which rebounded during the third quarter with 843,650 sf of net absorption, according to a recent report by Burnham Real Estate. The report called the latest quarterly trends in the county “a marked improvement over previous months and an indicator that the local market is stabilizing.” With projected fourth quarter activity of 600,000 sf, 2003 net absorption could top 2 million sf, which would be a 25% increase over 2002, according to the Burnham report.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.