Today I’m joined by Owen Curry of Cushman & Wakefield—and y’all, this is the real estate episode I’ve been waiting to record. If you’re an owner-operator with a big vision (restaurant, café, wellness studio, boutique concept) and you’re trying to land the right space—especially in a coastal market—this conversation will save you so much time, money, and stress.

Owen breaks down what’s actually happening in North County coastal commercial real estate (Carlsbad through Del Mar), why “vacancy” isn’t always what it looks like, and what you need to understand before you fall in love with a space. We talk budgets, lease runway, rentable vs. usable square footage, how zoning + parking requirements can make or break a concept (especially wellness), and what makes a Letter of Intent attractive without getting you pushed to the back of the line. If you’ve ever felt overwhelmed by LoopNet listings, landlord language, or the sheer sticker shock of beach-town pricing—this one is for you.

What You’ll Learn in This Episode

1. Why coastal communities like Encinitas, Leucadia, Cardiff, Solana Beach stay high-demand (and high price per square foot)
2. How “vacant” buildings can be misleading (and why signs can be strategic)
3. The first questions to answer before you tour spaces: budget, runway, and true market rent
4. Why under-market rent can be risky if you don’t have a long-term lease horizon
5. How smaller footprints can be a strategic advantage (overhead + TI math)
6. The zoning + parking issues that quietly derail wellness concepts (and why cities can treat your use differently if you add things like saunas/cold plunge)
7. What to look for to “win” a space: configuration, speed to occupancy, and financial readiness
8. Lease terms operators overlook: rentable vs. usable + load factors (often 10–20%)
9. TI realities: cold shell vs. existing buildout, and when landlords offer free rent in lieu of TI
10. LOI strategy: how to negotiate without burning goodwill (and how it changes when there’s competition)
11. Why you should get a contractor walk-through before submitting an LOI
12. Green flags + red flags on tours (local landlord access, building systems, pride of ownership)
13. A surprisingly helpful tip for LoopNet: who to call first (hint: the associate)

Key Takeaways for Conscious Owner-Operators

1. Location is a design decision—but it’s also a systems decision. Don’t pay “foot traffic rent” if your model is membership-based or appointment-driven.
2. Do not skip zoning + parking due diligence. Especially if your concept blends categories (retail + events + wellness).
3. Fall in love after the numbers work. The shiny object space can come with hidden timeline and permitting costs.
4. Small spaces can be powerful. They reduce overhead and let you invest more intentionally in finishes, lighting, and guest experience.
5. A strong team wins spaces. Broker + contractor + designer early = fewer surprises and better negotiating power.

Mentioned in This Episode

1. Coastal market dynamics: Carlsbad → Del Mar, with hot pockets in Encinitas / Leucadia / Cardiff
2. Shifts post-COVID: office softness, flexibility into medical/wellness uses (where zoning allows)
3. Wellness growth + city “gray area” in defining use
4. Non-competes in retail centers (especially coffee + fitness/wellness)
5. BOMA measurement standards + “load factor” (rentable vs. usable)
6. LOI basics: price per SF, TI allowance, free rent, and how to balance them
7. Permitting timelines: light cosmetic work vs. major renovations (plumbing, showers, grease trap/hood, etc.)
8. Community orgs like Main Street associations and how they amplify local businesses

Connect with Owen

1. Owen Curry — Cushman & Wakefield
2. Best starting point: LoopNet
3. Market focus: coastal North County (Carlsbad through Del Mar)
4. Tip from Owen: if you’re calling on a listing team, reach out to the associate first—they’ll often respond fastest and help you navigate next steps.

About Owen:

Owen Curry is a Director with Cushman & Wakefield’s Private Client Group in San Diego, with over six years of experience specializing in commercial real estate sales and leasing. Since joining the firm in 2019, he has advised landlords, tenants, buyers, and private capital on retail, office, medical, and owner-user transactions, with a focus on disciplined execution, market timing, and long-term value creation.

Owen serves as the local market lead for Cushman & Wakefield’s North Beach Cities Private Capital Group and is active in acquisition and disposition advisory throughout North County’s coastal markets. He frequently works alongside buyer and tenant representatives across San Diego, supporting underwriting, pricing strategy, and negotiations with a strong command of current sale and lease comparables.

Known for his practical, market-driven approach, Owen brings deep familiarity with zoning, entitlement, and municipal considerations—helping transactions move efficiently and collaboratively.

In 2025, Owen was recognized by Cushman & Wakefield as “Young Gun on the Run,” leading the associates race firmwide and earning his promotion to Director.

Rachel’s Closing Note

If you’re an owner-operator navigating commercial real estate right now, I want you to hear this: you’re not behind, and you’re not “doing it wrong.” The process is complex—because it’s a mix of numbers, zoning, timing, and embodied guest experience. But when you approach it intentionally (with the right team and the right runway), you can absolutely land a space that supports your well-being and your business.

And hey—if you’re in that “we found a space and now we need to make it work” phase, this is exactly where I come in. Designing for flow, functionality, and a guest experience that feels like your brand in real life.

Until next time—keep designing spaces that help people feel seen, nourished, and connected.

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