Bungalows Del Mar Office: A Unique Trendsetter Defying Market Norms

Bungalows Del Mar Office: Setting a New Standard in Office Leasing

The Bungalows Del Mar Office is making waves in the commercial real estate sector, particularly as the landscape shows signs of shifting under pressures from the pandemic and broader economic changes. Located in Del Mar, California, and developed by Harbor Associates, this low-rise office building not only defies national trends but also has a rare vacancy available for lease after nearly five years.

Overview of Bungalows Del Mar

As a 39,537-square-foot property, the Bungalows Del Mar Office is strategically situated in the picturesque coastal San Diego submarket. Harbor Associates undertook an extensive $4 million renovation, enhancing the building's design and functionality to cater to modern tenant demands. The upgrade has proven remarkably effective; leasing interest has remained strong even amidst troubling economic factors.

Harbor Associates, in partnership with The Bascom Group, acquired the property with a vision to attract a broader tenant base. The renovation included a complete exterior redesign, transforming office spaces into creative and adaptive environments. Features such as exposed vaulted ceilings, skylights, and operable windows create an open and inviting atmosphere.

Joon Choi, a principal at Harbor, stated, "To leverage the prime location near the beach, we've enhanced outdoor spaces, creating 'outdoor meeting rooms' and installing modern amenities like locker rooms with showers and electric vehicle chargers. Our leasing team has found it easy to connect with prospective tenants due to the demand."

Unique Appeals Amidst Market Challenges

In a time when many office spaces have struggled, the Bungalows Del Mar has thrived, thanks primarily to its innovative design and thoughtful layout. While other office properties are contending with declining demand, Rich McEvoy, another Harbor principal, noted that most tenants are renewing their leases, indicating a strong commitment to the Bungalows Del Mar.

"Unlike traditional office settings, we offer features that enhance the working experience, such as exterior entries, restroom access from common outdoor spaces, and excellent airflow through operable windows. This has attracted tenants searching for safe and socially distanced working environments, especially during these uncertain times," said McEvoy.

Future Aspirations and Investments

Despite skepticism surrounding office buildings from institutional investors, Harbor is committed to pursuing opportunities for well-placed properties that stand out in the market. Harbor’s principal, Justin Loiacono, expressed optimism, stating, "Our acquisition strategies focus on locations that are differentiated and sure to attract tenants as they gradually return to office spaces. We’re excited about the possibilities ahead as we expand our portfolio in Southern California."

Additionally, Harbor Associates and FF Capital Group have expanded their footprint in Del Mar by purchasing the adjacent Highlands Corporate Center for an undisclosed amount. This property, which boasts 211,000 square feet of office space spread across multiple buildings, emphasizes Harbor’s commitment to investing in quality real estate, even amid market uncertainties.

Paul Miszkowicz commented on Harbor’s proactive approach, emphasizing that the company’s past year has seen substantial activity in distressed office acquisitions in Southern California. Their strategic investments are being made at favorable terms, positioning them for success as landlords rethink their leasing strategies.

Conclusion

The Bungalows Del Mar Office stands as a testament to innovation in the office leasing sector, successfully carving out a niche that appeals to modern tenants. With a commitment to providing exceptional environments and reimagining the traditional office setup, Harbor Associates has not only navigated a challenging economic landscape but is set to lead the way in reshaping what successful office leasing looks like in the future

For more information about the Bungalows Del Mar Office and available space, visit Bungalows Del Mar.