Tuesday, November 29, 2022

Downtown Retail Vacancies Set Record High

Retail exodus from State Street continues

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Vacant storefronts on State Street were already increasing when the Covid pandemic struck. Since then, many more stores in Santa Barbara have closed permanently. It’s unclear how long it will take, if ever, for all the spaces to get leased.

Rents were notoriously high on State Street, and even vacancy rates of 5% did not motivate landlords to reduce them. Now, with the fortunes of many business owners wiped out by the pandemic and resulting unemployment, it’s not certain that new retailers will fill those spaces, even with rents 10-20% lower. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Amet nisl purus in mollis nunc. Posuere lorem ipsum dolor sit amet consectetur adipiscing elit duis. Tortor at risus viverra adipiscing. Egestas fringilla phasellus faucibus scelerisque eleifend donec pretium vulputate sapien. In mollis nunc sed id semper risus in hendrerit. Adipiscing enim eu turpis egestas pretium aenean pharetra. 

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