There is definitely a massive industry in San Diego fully dependant on real estate transactions. How many real estate, loan, title and escrow companies took over prime office real estate in the last few years? Check out the center of Hillcrest. There is even an escrow company where my old late night pizza place used to be on Garnet Ave in PB. How can an escrow company justify renting among the bars on Garnet?

If sales fall back to 1995 levels, and refi’s dry up, these industries need to scale back to 1995 levels- and probably abandon those fancy new digs and about ½ to 2/3rd of their employees.