Quarterly review and forecast covering leasing and sales of commercial real estate – including office, industrial, and retail – for the South Coast of Santa Barbara County.
- Higher interest rates have profoundly constricted dollar volume of sales for properties over $5 million.
- No sales of office or industrial properties over $5 million sales have closed to date, while land sales volume has exceeded the 5-year benchmark.
- A surprising series of large tech office leases in Goleta have reduced inventory, while the departure of Sonos from Santa Barbara has contributed to record high vacancy there.
- A record 71 retail lease transactions have been signed on the South Coast, though none were for large spaces.
- Achieved industrial rents are averaging $1.87 gross PSF in Goleta following a batch of large leases signed during the past 6 months.