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While 2015 got off to a slow start with only 15 sales completed during the first quarter, the market, as expected, began to pick up steam with 23 sales in Q2, which is well above the 16 sales-per-quarter average. Despite the fact that both quarters paced behind a record-setting 2014, the market remains frothy for well priced properties in Santa Barbara.
Leasing Summary
On the leasing side, commercial vacancy continued to remain quiet/stable throughout the second quarter in the South Coast, with inventory in all three Santa Barbara sectors continuing to tighten slightly. In fact, by the end of the second quarter Santa Barbara’s Industrial sector dipped to its lowest point in years at below .1%, and there remained just one Industrial space for 2,900 SF available in Santa Barbara, located at 120 & 122 Santa Barbara St.
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