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.
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.
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