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Tijuana

The proximity to California has never hurt Tijuana, but as investment returns to Mexico, the city is seeing prices soar at an eye-popping rate. Swedback says demand for spaces of 100,000 square feet or more is higher than he has ever seen it in the city. And sales prices on select properties have gone up as much as 15 percent in the past two weeks.

There's also an appeal for residential buyers, who can often cross the border and arrive at their downtown San Diego offices quicker than people who live on the other side of the city.

Photo: Eduardo Ramirez