“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.
For your copy of Hayes Commercial Group’s Market Report or to discuss your portfolio planning for 2022, email liam@hayescommercial.com