Friday, October 22, 2021

Commercial Real Estate

Santa Barbara Office Conversions Increase

The former Macy's building (now called the Ortega Building, as it takes of most of the first block of West Ortega Street), is being repurposed as Class A office space. The building is undergoing a total makeover, and the...

Fish Enterprise Restaurant to be Converted Into Offices

The Enterprise Fish Company, a long time seafood restaurant at 225 State Street in Santa Barbara that was shuttered by the pandemic, has been sold to new owners who plan to convert the building into office space. Lorem ipsum dolor...

Empty Stores Continue to Increase at La Cumbre Plaza

More than a third of the stores at La Cumbre Plaza on upper State Street remain empty, as the pandemic has worsened the economic environment for retail stores. Of the forty-four stores in the main part of the shopping...

Office Vacancy Rate Continues to Climb

According to Radius Commercial Real Estate, the vacancy rate for office space rose to 7.7% in the third quarter of 2020, the highest rate in seventeen years. The Covid pandemic has obviously impacted demand for offices, as many, if...

Downtown Retail Vacancies Set Record High

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...

City Council Allows Zoning Change, Residents Opposed

A Carpinteria residential area will be gaining a new office building as the City Council recently voted to approve the rezoning process necessary to change the land previously designated as residential. Council members Quinn Sawyer and Debra Soula were...

Mudslide Clears Out Vacant Development Project

A mudslide occurred late Sunday night after a series of heavy rain storms in the region. The disaster site was a construction area for a housing development project. The construction crew had already finished work for the day, so...