2023 Year-End Review

Our year-end review of South Coast Commercial Real Estate is live! Highlights include the below:

• Higher interest rates contributed to a 43% YOY drop in sales transactions. 

• Dollar volume of sales was 49% below trend. Nearly all of the decrease was in the price range above $5 million, as higher-value sales are more dependent on financing. 

• An abundance of large office leases, many signed by tech companies in Goleta, drove over $106 million of consideration. 

• Large retail leases were scarce on the South Coast, but robust leasing of smaller spaces yielded 84 transactions, tightening the vacancy rate to 3.0%. 

• Industrial leasing was flush with renewals, especially in Santa Barbara, which fueled a 38% increase in dollar consideration.  

Click here to read the full report.