2020 Q1 Market Report
Effects and implications of the coronavirus pandemic
In addition to its alarming toll on health and human life, the COVID-19 pandemic has disengaged the gears of the South Coast economy, as the statewide shelter-in-place policy gutted consumer spending at local businesses while vacating many, if not most, workplaces. Business revenue has collapsed, leaving thousands of South Coast workers furloughed or unemployed. California’s unemployment rate spiked to 22 percent by mid-April, and Santa Barbara County has reportedly lost 22,000 jobs. Along with most sectors, commercial real estate activity has dropped dramatically, as tenants and landlords scramble to respond to the shutdown, while most investors and owner-users put buying plans on hold. The daily communication and inquiries we receive about available property have slowed dramatically. Read the full report here.