Vacancy in the Santa Barbara retail market is 4.1% and has decreased 0.2% over the past 12 months. During this period, 47,000 SF has been absorbed, and 2,500 SF has delivered.
Within this market, General Retail is the largest subtype, with 15.1 million SF in this category. Rents are around $30.00/SF, which is a 3.8% increase from where they were a year ago. In the past three years, rents have increased a cumulative 10.7%. About 35,000 SF is under construction, representing a minimal 0.1% expansion of inventory.
In the past 12 months, 43 sales have taken place. Sales have averaged $310/SF, and the estimated value for the market as a whole is $353/SF. Over the past three years, there have been 233 sales, which have traded for approximately $597 million. During this time, the market cap rate for Santa Barbara has remained at 6.0%.
Although both employment and population have grown in the past year, employment growth has outpaced population growth. The number of jobs has increased 2.5% in the past year, while the population has grown by 0.3%.