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Radius Insight: Q2 2016 South Coast Commercial Real Estate Market Summary

July 31, 2016

The second quarter of 2016 came to a close with 23 sales, one short of the first quarter’s strong haul of 24 transactions, and bringing the first half of the year to 47 deals total. In fact, the first half of the year was only 5 transactions shy of tying the first half of 2014, the most prolific first half of a year Radius has recorded.

Total sales volume for the quarter was approximately $72 Million with the largest sale being an approximately 12.5 acre land property in Goleta that sold in April for $13.5 Million. At the midyear point, overall sales volume was approximately $201 Million in comparison to $157 Million during the same period last year. This represents a 28% increase in total sales volume year over year…

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Leasing Summary

The office market in Santa Barbara remained largely unchanged during the second quarter of 2016 with the vacancy rate at 4.0% and the average gross asking rate at $2.88/SF. The largest lease of office space in the quarter was a sublease of roughly 8,500 SF at 820 State St. with LogicMonitor subleasing from Sonos. The largest space currently available in the market is roughly 10,000 SF of modern, high tech office space at 10 E. Yanonali St. in the Funk Zone…

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