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2024 Q2 Report

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.


Highlights:

  • Commercial sales dollar volume dropped 60% from the 5-year average, with office property showing a greater decrease than other types.

  • There were only 4 sales with a closing price over $5 million, as higher-value purchases are more sensitive to current higher interest rates.

  • Mirroring a national trend, South Coast office tenants are leasing more compact spaces, about 30% smaller on average, locally.

  • South Coast retail continued to recover, though prominent shopping destinations in Santa Barbara are still struggling.

  • A few large industrial leases in Goleta contributed to net absorption of 44,000 SF, tightening vacancy there to 1.4%.



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