Radius Group Reports on 1st Quarter 2007 Leasing Markets
Radius Group Commercial Real Estate has announced findings for First Quarter 2007 commercial real estate leasing vacancy and pricing. The Radius Group South Coast Commercial Vacancy Update covers the industrial, retail and office markets in Santa Barbara, Goleta and Carpinteria. Overall, commercial markets on the South Coast saw less activity in the first quarter of 2007 compared with 2006. With the exception of the Goleta industrial market, vacancies in all markets continued to fall during the first three months of the year while the average asking rates increased.
“We are pleased to present this first quarterly report for 2007,” said Brian Johnson, Sales agent at Radius Group. “The data becomes a vital tool for our clients to make decisions about how they can best invest in the future of their companies and organizations in Santa Barbara County.”
Two of the key factors analyzed across each of the three categories are price per square foot and vacancy rate, or percentage of non-leased space.
- Industrial vacancy in Santa Barbara is effectively at 0% right now.
- Carpinteria industrial market prices have risen significantly while vacancy rates have continued to decline.
- The Goleta office market has seen a steady decline in vacancy rates, dropping to 4.4%.
- The largest currently available office space is 10 E Figueroa Street, vacated by SAIC.
- Price per square foot in the Santa Barbara retail market is at an all-time high, at $3.99 per square foot.
Looking to the future, Radius Group sees the first quarter data in terms of an ongoing trend.
“We continue to expect overall vacancy rates to remain low with leasing rates increasing moderately,” said Brian Johnson. “The Santa Barbara retail market, in particular, will see several deals that are expected to reduce current vacancy rates.”
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