Daily Business Report-May 10, 2018
Sullivan Solar Power employees install a solar system. (Courtesy of Sullivan Solar Power)
California Becomes First State
to Require Solar Panels on New Homes
The California Energy Commission (CEC) passed a first-in-the nation rule Wednesday, mandating all new homes constructed in the state be equipped with solar panels.
“This is a landmark vote today,” said David Hochschild, one of CEC’s five commissioners who unanimously approved the measure that was part of a revision to California’s Building Efficiency Standards, which are updated every three years.
The rule will go into effect on Jan. 1, 2020, and does not need to be approved by the Legislature or the California Public Utilities Commission.
Solar photovoltaic (PV) systems will be installed on every house that receives a building permit, as well as condominiums and apartments up to three stories high. Homes that are shaded by trees or taller buildings, as well as houses with roofs too small to accommodate a PV system, will be eligible for exceptions or alternatives to the mandate.
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First Quarter Office Leasing Shows
Increased Activity by Traditional Lessors
Traditional office occupiers like legal, insurance, financial and business services represented a substantial share of the office leasing activity in the first quarter of 2018, when analyzing transactions 10,000 square feet and larger, according to a CBRE report.
These four industries accounted for 47.2 percent of the square feet leased in the first quarter, compared to 26.9 percent over the course of 2017. These sectors also collectively experienced above average job growth in Q1, according to data from the California Employment Development Department.
Aerospace/defense tenants continued to dominate activity, accounting for more than a quarter of the leased square feet, similar to the share in 2017. Technology companies dominated leasing activity in 2017, accounting for 27.8 percent, but activity from the sector accounted for only 6.0 percent in Q1 2018. Tech and aerospace/defense accounted for all of the sublease activity. Straight renewals accounted for a much smaller share of activity in Q1, but expansion-renewals increased, which is reflective of the steady office job growth observed in the first quarter.
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Home Sales Tick Up in April
April home sales saw a slight increase over March, according to housing statistics compiled through the Multiple Listing Service by the Greater San Diego Association of Realtors. Single-family home sales ticked up 4 percent in the past month, and attached properties (condos and townhomes) rose by nearly 3 percent. However, sales for the first four months of the year are still lower than the sam period last year by 7 percent.
The median price of single-family homes edged up 1 percent from March to April, now standing at $640,000. That’s an increase of more than 8 percent from April of 2017. Condos and townhomes priced rose by 4 percent month over month, and have reached a record high mark of $425,000; that’s 10 percent higher than a year ago. All properties taken together, the year-to-date median price of homes in San Diego County is $551,000.
The supply of resale properties on the market edged up slightly, to 1.9 months, with 5 to 6 months being considered a healthy level. Homes were selling in April in an average of only 25 days.
“Low inventory continues to create a competitive situation for buyers,” said SDAR President Steve Fraioli. “But higher mortgage interest rates are the reality and the trend, so serious buyers will need to be ready with an offer when the opportunity presents itself.”
In April, the ZIP codes in San Diego with the most single-family home sales were:
92028 (Fallbrook) with 56
92128 (Rancho Bernardo East) with 52
92057 (Oceanside North) with 50
92130 (Carmel Valley) with 47
92009 (Carlsbad SE) with 47
The most expensive single-family property sold in San Diego County in April was an oceanfront home in Del Mar, built in 2010, with nearly 3,900 square feet, 4 bedrooms, 5 baths, a private courtyard with pool, spa, and built-in barbecue, and a sale price of $18 million.
Click here for a detailed look at the numbers.
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General Atomics Begins Demo Flights
of Large-Scale RPA in Japan
General Atomics Aeronautical Systems Inc. announced the first flight of the Guardian Remotely Piloted Aircraft (RPA) in Japan during an opening ceremony on Iki Island. The demonstration flights, taking place over the next three weeks, intend to promote the civil and scientific applications of the RPA. “We thank the mayor of Iki and the many other public and private stakeholders for their making this demonstration possible, said Linden Blue, CEO. “We believe that these flights of long-endurance RPAs in Japan’s maritime environment will provide valuable information, and we look forward to reviewing the important data gathered from these flights.”
The Guardian will collect data for scientific research that will be shared across multiple government agencies, while operating from the island of Iki, in Japan’s Nagasaki Prefecture.
“The demonstration is an important milestone for the many peaceful uses of RPAs, including maritime disaster security and maritime resource management,” said Mayor Shirakawa. “Iki is located near the boundaries of Japan, so surveillance capabilities are an important matter for us.”
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Registrar of Voters Puts Out Call for
Poll Workers for the June 5 Primary
Time is running short, and poll workers, especially those who are bilingual in any one of six specific languages, are still needed for the June 5 gubernatorial primary election. The Registrar’s office is required by federal law to provide bilingual speakers and voting materials to voters who speak Spanish, Filipino, Vietnamese and Chinese. A survey by the University of California, Berkeley showed a need for speakers of Arabic and Korean at about 90 precincts, so the Registrar’s office is also recruiting bilingual poll workers in those languages for the June 5 election.
Poll workers receive a stipend ranging from $100 to $175 depending on the assignment, and those who are bilingual receive an additional $15 if they are assigned to provide language assistance to voters. Poll workers must be registered voters in the state of California or must be permanent residents in the United States and have transportation to their assigned polling location. They will also need access to the Internet to complete an online training and attend a two-hour class.
Prospective poll workers can apply online at sdvote.com. For more information, call (858) 565-5800 or email pollworker@sdcounty.ca.gov. The Registrar of Voters office is located at 5600 Overland Ave., San Diego, 92123 on the County Operations Center campus.
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Panel Talk Set for People Looking for Job
in San Diego’s Life Sciences Industry
MiraCosta College, in collaboration with Innovate 78, will present a panel discussion and networking reception for people looking to land a job in San Diego’s life sciences industry on May 16 from 5–7 p.m. on the Oceanside campus at 1 Barnard Drive ( in Building 3400, the Student Center Dining Hall.) Attendees will have an opportunity to learn about how they can prepare for a meaningful career in the life sciences. Representatives from three of San Diego’s most innovative companies, BD, Human Longevity, and Genentech, will tell their career development stories, share their insights and speak about what drives them in their day-to-day. Students of all backgrounds and disciplines are encouraged to attend this free event.
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Histogen Treatment for Female Hair
Loss Cleared for Clinical Testing
Xconomy
San Diego’s Histogen, a regenerative medicine company with technology for using nascent skin cells to produce “cosmeceutical” products, says the FDA has given a green light to its application for an initial safety study of its hair stimulation product in women.
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Qualcomm Announces New $10 Billion
Stock Repurchase Authorization
Qualcomm Inc. announced that its board of directors has approved, effective immediately, a new $10 billion stock repurchase authorization that replaces the previous $15 billion stock repurchase program announced in March 2015, which had $1.2 billion of repurchase authority remaining.
The new stock repurchase authorization has no expiration date. The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors, the company said.
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Personnel Announcements
Tiffany Finstad Promoted at Pardee Homes
Pardee Homes San Diego has promoted Tiffany Finstad to director of project management where she will be responsible for overseeing product development and management for the San Diego region. Finstad joined Pardee Homes in 2015 and quickly advanced, demonstrating exceptional management and team development skills.
In her previous role as project manager, she led and managed teams with product and plan development as well as managed landscape and architectural departments. Prior to joining Pardee Homes, Finstad worked at several architectural and design firms such as 9Kings Shanghai Limited, Martinkovic Milford Architects, and PBWS Architects. With more than eight years of experience in the real estate and architecture development industries in both the United States and China, Finstad brings extensive industry knowledge and experience to her new position.
Finstad has a background in business administration and architecture. Early on in her career, Finstad earned a Bachelor of Architecture from the University of Southern California and holds a Master of Business Administration in International Business from the University of San Diego. An active community member, Finstad is involved with the University of San Diego Alumni Association.
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Dane Gorup Named Director of Events and Catering at Hotel del Coronado
Hotel del Coronado announce the appointment of Dane Gorup as director of events and catering. The Del has been the location for major milestones and events for many guests and visitors, from weddings and anniversaries to corporate events and more, and Gorup will take the lead on continuing that tradition. He will infuse day-to-day operations and large projects with his passion for innovation and creativity, while overseeing conferences and catering at Hotel del Coronado.
Gorup is trading the city views of Hilton Anaheim Hotel and bringing his extensive experience in management, restaurant and banquet operations to the seaside resort. Having held multiple positions with Anaheim Hilton throughout the past six years including director of catering and group sales, food and beverage director, and more, the fast-paced demands of the Orange County property — one of Hilton Hotels and Resorts’ largest food and beverage operations — has prepared Gorup to excel in producing extraordinary events at The Del.
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Bate’s Folley —
and the Development of Shelter Island
John Bate was San Diego’s second port director who had public vision clearer than most City officials in the 1940s through 1960s. Amidst ridicule and doubt, Bate’s concern and creative reverie for San Diego Bay gave us two island playgrounds, a hefty-sized marine terminal, and an organization to direct activities along some 27 miles of waterfront.
La Playa Trail Association will delve into the life and genius of John Bate with presenter Sylvia Bate, John’s former wife, at its next public history lecture on Tuesday, May 15, at Point Loma Assembly, 3035 Talbot St. Light appetizers will be served 5:30 to 6 p.m., and the lecture runs 6 to 7 p.m. A $10 donation at the door is welcome.
Click here to read Karen Scanlon’s article in sdnews.com
