“The momentum that produced record sales volume in 2021 carried into the new year, as Q1 generated 29 South Coast sales totaling $151 million (excluding hotels), both record values for the first quarter.”
Some Q1 Highlights:
- The inventory of property for sale is at a five-year low; however, demand remains high and off-market sales are prevalent.
- Heavy commercial sales activity produced the highest volume on record for a first quarter.
- State Street’s retail vacancy seems to be stuck in double digits, while the Funk Zone and Coast Village Road have very low availability.
- Santa Barbara’s office market is still near peak supply, including an overextended inventory of large spaces.
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