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Radius Insight: Q2 2017 Market Report

The second quarter of 2017 came to a close with 18 sales, considerably short of the first quarter’s strong haul of 31 transactions which was the strongest first quarter we have seen in the last 18 years. This brings the first half of the year to 49 total deals. That said, the first half of the year was only 4 transactions shy of tying 2014 for the most prolific first half we have ever recorded…

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Leasing Summary: Large Allergan building sublease shrinks Goleta’s industrial vacancy rate

…Goleta (as expected) experienced a major drop in industrial vacancy, plummeting from 3.8% in Q1 to a low of 0.9% in Q2, matching Santa Barbara’s vacancy rate. With this drop we saw a positive absorption of 28.6% over last quarter. The drop in vacancy is largely attributable to the 105,257 SF sublease at 71 S. Los Carneros Rd. by the biotech firm Apeel Technology, Inc…

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Radius Insight: Q1 2017 Market Report

South Coast commercial sales for the first three months of 2017 were the strongest we have seen in the last 18 years.

During the first quarter there were 30 commercial sales, twice as many as the 18-year average of 15 for Q1 sales. We even surpassed the 24 sales closed in Q1 2016 which was another strong opening quarter.

Total sales volume for the first quarter was $134 million, up slightly from 2016’s $129 million and completely overshadowing the $49 million closed in Q1 2015…

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Leasing Summary: Macy’s & The State of Retail

Undoubtably the big news heading into 2017 was that Macy’s would be closing their massive 141,000 sq. ft. anchor location in the Paseo Nuevo Mall this Spring. The store is now closed. With 48 years remaining on their lease with the City of Santa Barbara, the retailer is in the process of deciding what to do with the property. Macy’s is able to transfer the lease to another retail tenant as long as a minimum of one floor is dedicated to retail use. A potential tenant could be either another large retailer or a mixed use project. Through the lease language, the City doesn’t have much control over the type of retail tenant…

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Radius Insight: Q1 2017 Central Coast Commercial Real Estate Market Report

South Coast commercial sales for the first three months of 2017 were the strongest we have seen in the last 18 years.

During the first quarter there were 30 commercial sales, twice as many as the 18-year average of 15 for Q1 sales. We even surpassed the 24 sales closed in Q1 2016 which was another strong opening quarter.

Total sales volume for the first quarter was $134 million, up slightly from 2016’s $129 million and completely overshadowing the $49 million closed in Q1 2015…

Read the complete report

Leasing Summary: Macy’s & The State of Retail

Undoubtably the big news heading into 2017 was that Macy’s would be closing their massive 141,000 sq. ft. anchor location in the Paseo Nuevo Mall this Spring. The store is now closed. With 48 years remaining on their lease with the City of Santa Barbara, the retailer is in the process of deciding what to do with the property. Macy’s is able to transfer the lease to another retail tenant as long as a minimum of one floor is dedicated to retail use. A potential tenant could be either another large retailer or a mixed use project. Through the lease language, the City doesn’t have much control over the type of retail tenant…

Read the complete report

Pacific Coast Business Times: Housing solution key to strong Central Coast economy

Santa Barbara, California – Published 10/28/2016
By Alex Kacik

The only sustainable way to foster long-term economic growth is by building more housing, said Chris Thornberg, founding partner of Beacon Economics.

“If you want Ventura to grow faster, if you want Santa Barbara to grow faster, you have to start with a conversation about housing,” Thornberg told about 300 people at Fess Parker’s Doubletree Resort in Santa Barbara at the ninth annual Radius Real Estate and Economic Forecast on Oct. 25. “As far as housing, we have a big problem.”

It’s a problem that will persist barring a major shift in policy, he said.

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Santa Barbara News-Press: Economist: Housing shortage slows growth in Santa Barbara

Santa Barbara, California – Published 10/26/2016
Santa Barbara News-Press
By Emily Leslie, News-Press Staff Writer
2016 Radius Forecast Keynote Speaker, Economist Christopher Thornberg of Beacon Economics
Dr. Christopher Thornberg, founding partner of Beacon Economics, delivers the keynote speech at the ninth annual Radius Real Estate and Economic Forecast on Tuesday at Fess Parker’s Doubletree Resort. NIK BLASKOVICH/NEWS-PRESS

One of the nation’s leading economists, Dr. Christopher Thornberg, zoomed in on Santa Barbara’s housing crisis while delivering the keynote speech at the ninth annual Radius Real Estate and Economic Forecast on Tuesday morning.

To promote economic growth, Californians ought to focus more on the housing shortage than the state’s perceived unfriendly business climate and question the state’s tax structure more than its high rates, said Dr. Thornberg, founding partner of Los Angeles-based Beacon Economics, during his address at Fess Parker’s Doubletree Resort.

The “miserabilism” that Wall Street, the media, and even the presidential candidates perpetuate on a national level, he said, is an effort to convince the public that “things are bad when in reality, they’re not.”

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