Listings | Radius Commercial Real Estate

Santa Barbara Commercial Real Estate Stats – Q1 2023

CRE Sales: 19 (vs 24 in Q4 2022)
Largest Commercial Sale: $9,250,000 (Castillo Inn at the Beach)
Sales Volume: $40.5 Million (vs $101 Million in Q4 2022)

Santa Barbara Q1 Vacancy Rates

Office 13.8% (vs 9.7% in Q4 2022)
Industrial 0.4% (vs 0.1% in Q4 2022)
Retail 2.6% (vs 2.7% in Q4 2022)

Q1 Quarterly Absorption (SF)

Office 34,200 (vs 30,600 in Q4 2022)
Industrial 12,800 (vs 31,900 in Q4 2022)
Retail 33,800 (vs 25,000 in Q4 2022)

Average Gross Asking Rates / SF

Office $3.24 (vs $3.31 in Q4 2022)
Industrial $2.26 (vs $3.09 in Q4 2022)
Retail $4.31 (vs $4.38 in Q4 2022)

View the Full Santa Barbara CRE Report

Santa Barbara Economic and Demographic Info & Stats

Santa Barbara’s economy primarily comes from tourism, but there are also other industries in the area, such as: agriculture, health care, education, government, tech and manufacturing.

Primary employers in the area are UCSB, Vandenberg Space Force Base, Santa Barbara city and county governments, Santa Barbara Cottage Hospital, and Chumash Casino Resort.