According to Radius Commercial Real Estate, many would-be tenants were skeptical of committing to long-term leases during the quarter, and a majority that signed were for one- to three-year terms.
There was one exception.
The newly opened Wingstop in La Cumbre Plaza signed a 10-year term on a 1,438-square-foot space. It’s the first Wingstop in Santa Barbara.
Radius also said that the old Sears building in La Cumbre Plaza came onto the market. Including the 149,000-square-foot building, retail vacancy in Santa Barbara reached a half-million square feet and a 5% vacancy rate; it was 3.8% at the end of 2019.
Along State Street in Santa Barbara, 249 retail storefronts exist; about 48 were available for lease and 39 were vacant at the end of quarter in 2020.
Compared with the end of 2019, about 42 retail storefronts were available for lease and 36 were vacant, according to Radius.
We put together a list of transactions, lease highlights, and development projects around California's commercial real estate market. The list also …
It’s only been just over a year since voters defeated Proposition 15 at the polls and its proponents are back again with… Read more »
Adaptive reuse is not a new concept in commercial real estate. It is the practice of taking an existing building and repurposing… Read more »