Featured Topics:

• 2008 Correction Unlikely to Match Depths of 1990 or 2001 Downturns
  Investors can expect more bad news from the economy during the next six to nine months as job cuts continue, and from commercial real estate markets as occupancy, rents and prices fall. Despite painful market adjustments, commercial real estate should fare dramatically better in this downcycle than during the sharp correction of 2001 or the prolonged slump of the early 1990's. Read More
  
  
  
• EPA NAMES CB RICHARD ELLIS 2008 ENERGY STAR® PARTNER OF THE YEAR
  CB Richard Ellis Earns Award for Protecting the Environment through Energy Efficiency
  New York, NY – March 4, 2008 –
  The U.S. Environmental Protection Agency (EPA) has named CB Richard Ellis Group, Inc. as a 2008 ENERGY STAR Partner of the Year for outstanding energy management and reductions in greenhouse gas emissions. CBRE’s accomplishments will be recognized at an awards ceremony in Washington, D.C. on April 1, 2008. Read More
  
  
  
• Please congratulate Shawna Strange on her promotion to Associate. Shawna specializes in the sales and leasing of retail properties throughout the Coachella Valley.
  
  
  
• Maggie Montez, Senior Vice President and one of Real Estate Southern California's "Reigning Women of Real Estate" recently commented on her experience as a commercial broker in the Coachella Valley:
  
  “Working to grow the retail and office communities of the Coachella Valley has been such a  rewarding experience.  Since moving to the desert in 1988,  I have had the opportunity to participate in smart, balanced growth, bringing national retailers to our neighborhoods.  CBRE has been the engine of that growth, allowing the office to grow from just one lone agent in 1995 to nine agents and a wonderful support staff today.  We are committed to providing Coachella Valley residents, developers and landlords with a world-wide overview coupled with in depth local knowledge.” 
  
  Maggie Montez | Senior Vice President
  CB Richard Ellis | Brokerage Services | Retail Services

Office Description:

Once best known as the legendary stomping grounds of the likes of Frank Sinatra and Bob Hope, the Coachella Valley is now a booming, year-round housing, retail and job hub in Southern California.  While the region is still counted among the country’s premiere travel destinations, it is also now home to 410,974 people, which represents a 23.6 percent increase in total population over the last five years.  Combined with a seasonal population of another 150,000, the Coachella Valley population has exceeded the half million mark, making it one the California’s fastest growing regions.  In fact, it is projected that by 2020, the total Valley population will reach 600,000, and if La Quinta alone is any indication, this might be a conservative estimate…the City has experienced a 52% gain in population since 2000.

The median home price in the region currently stands at ± $400,000, making it the second most affordable market in all of California, a significant factor driving population growth. In order to meet the housing needs of this population boom, the region will need to build 5,050 new homes annually between now and 2020.  With these new rooftops follows retail and of course, jobs. The past five years, the retail boom in the Coachella Valley – from Palm Springs to La Quinta and everywhere in between – has seen a tremendous amount of new retail development. Today, retailers such as Wal-Mart, Albertsons, Vons, Ralphs and Macy’s are counted among the region’s top employers. In fact, the Coachella Valley is the only region in California to house two Super Wal-Mart stores, and a third one is currently under construction.  

The region’s workforce is increasingly educated, with two new university satellite campuses in Palm Desert: California State University, San Bernardino and the University of California Riverside.  This educated and young workforce (the median age in the Valley is just 36 years old), is appealing to major corporations, including Guthy-Renker, Guy Evans, World International Vacation Club and Ernie Ball Guitars, all of which call the Coachella Valley their corporate headquarters.