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DEL MAR HEIGHTS-The Allen Group development firm has topped off its new Diamante Del Mar office facility that is rising in Del Mar Heights. Its progress marks the first wave of new construction in this North County office market.The project is rising at 11943 El Camino Real, across the street from the Del Mar Marriott and adjacent to the Double Tree Hotel. It is also within walking distance of numerous other Del Mar hotels, as well as local restaurants. Slated to encompass a total of 35,450 sf, the two-story, craftsman-style building will feature subterranean parking, shower and locker facilities, second-floor balconies and vaulted ceilings. Reno Contracting is the general contractor building the project, which has been designed by architectural firm Brian Paul & Associates. Scheduled for a December 2004 completion, Diamante Del Mar is already 20% leased, with Fidelity Brokerage Services signing on for first-floor space here. The facility “should be substantially leased prior to the completion of construction,” according to Patrick Rohan, senior vice president with Burnham Real Estate, the project’s exclusive leasing agent. The San Diego County office market may be headed for its best year since 2000, according to new research released by Burnham Real Estate. In the first quarter of this year alone, nearly 420,000 sf of net absorption has occurred in the region’s office market, with an additional 300,000 sf worth of lease transactions closing. “Overall leasing activity during the first three months of the year – including renewals and expansions- is up 15% to 20% over the same period in 2003,” according to Burnham’s researchers. A number of factors are driving this rebound, including an uptick in employment, the return of biotech, and a dearth of available land.

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