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South Coast Commercial Real Estate for the 1st half of 2003
| The mid-year analysis of the primary components of the South Coast commercial real estate market indicate a sluggish economy and an increasing inventory of both office an industrial properties. As the headlines have been reporting, most of the current availability is due to a continuation of corporate relocation out of the local region. Relatively weak demand has resulted in a temporary increase in the vacancy rates and a corresponding decrease in effective rents in most of the sub-markets, which include Goleta, Santa Barbara and Carpinteria. In spite of the foregoing, actual vacancy indexes for the South Coast remain well below the National or State averages, and the prospect of an economic rebound could quickly change the current market status. |