 |
Why is it when we consider the state of commercial real estate investments in our market, everything starts looking like a trek through the Santa Ynez Mountains?
Hills and valleys. Peaks and plateaus. Given the commercial activity of recent years, to some it might seem the valleys are shallower and the peaks are milder. Casual climbers have certainly enjoyed a more easy-going trail over the past few years, while aggressive hikers have recently been left needing a bit more.
Leasing Summary
The most dramatic transition we have ever seen in any of our submarkets occurred in Carpinteria’s office sector with vacancy dropping from 20.7% this time last year to its current level of 1.8%. This highly significant shift has increased prices and recently enabled an investor to purchase the Lagunitas project which includes an entitled 85,000 sq. ft. office/R&D building. Of course most of the shift in Carpinteria’s office sector resulted from the growth of ProCore which now occupies over 95,000 sq. ft. of space. Major tenants in Carpinteria now include Nusil, ProCore and LinkedIn/Microsoft.
Recent News
Noozhawk: Petitions Circulate to Put State Street, Rent Control in Santa Barbara Voters’ Hands
Clipboards and pens in hand, groups looking to challenge two of the Santa Barbara City Council’s biggest decisions this year have hit the… Read more »
News Alert: Santa Barbara City Council Gives Final Approval to Rent Control, 4–3
The Santa Barbara City Council gave final approval to the city’s rent control ordinance on a 4–3 vote at its Tuesday, October… Read more »
Noozhawk: Santa Barbara Council Candidates Discuss Housing Affordability, State Street
Not all Santa Barbara City Council candidates believe that the city shares any responsibility in the housing affordability crisis, a recent candidate forum… Read more »