realestate

San Diego Mayor Announces Real Estate Strategy to Save $13M Over Five Years

City renegotiates lease agreement for 525 B Street downtown building.

S
an Diego Mayor Todd Gloria announced a plan to save millions of dollars by reducing city office leases. This move was first mentioned in his State of the City Address in January, and it's expected to yield $13 million in savings over five years. The city will renegotiate its lease at 525 B Street downtown, where staff currently occupy six floors, and relocate workers.

    Gloria stated that these cost-cutting measures will provide significant budgetary relief and help avoid future cuts to essential neighborhood services. San Diego is facing a $258 million budget deficit for the 2026 fiscal year. Other potential fiscal measures being considered include:

    * Paid parking in areas where it's currently free

    * Seasonal restroom closures at beaches and Balboa Park

    * Elimination of fire pits at the beach

    * Recreational water area closures

San Diego Mayor unveils real estate strategy to save $13M over five years.