Market Watch: Commercial Real Estate
Santa Barbara, Calfornia – 04/26/12
Santa Barbara News Press
Santa Barbara & Goleta Office Leasing: 1st Quarter 2012 Recap
The Santa Barbara office market started the year steady with both lease rates and vacancy remaining nearly unchanged for the last 2 years. During the 1st Quarter, 19 office leases were completed. Asking prices rose slightly from $2.23 per SF at the end of 2011 to $2.26 per SF to end the 1st Quarter 2012, while vacancy rose nominally from 6.1% to 6.2% for the same time periods. Look for both lease rates and vacancy to remain steady for the remainder of the year. Notable leases during the quarter included a 9,700 SF space at 203 Chapala St. and a 5,100 SF space at 3888 State St.
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