2022 in Summary

2022 in Summary

1.) Several large office complexes traded hands, most notably the QAD campus, which sold to UCSB for over $100M, and Riviera Business Park purchased by a local investor for $27M.

2.) The hospitality sector boomed, including 12 large hotel sales in south county totaling $698M.

3.) Rethinking retail was a thing: Restoration Hardware announced a move to The Old Firehouse in Upper Village Montecito, and Las Aves is being converted to a retail and restaurant complex called "The Post".

4.) On the leasing front, office vacancy was (and still is) on the rise as tech companies give up square footage and continue layoffs.

5.) "Flight to quality" has been said...a lot. Regardless of the asset type, buyers and tenants are gravitating towards Class A and high-end offerings as opposed to Class B or C.

6.) Yes, industrial was (and is) still HOT.