Goleta Magazine 2020-2021 - 24

Pictured above the Medtronic building on Cremona sold to Majestic Asset Management in 2019. Below: HERBL, Inc leased the
25,807 SF building at 839 Ward Dr. 

Commercial Real Estate
Need for office and industrial space continues to fluctuate
The Commercial Market slowed down significantly amid the
Coronavirus Pandemic. As businesses, large and small, were
forced to distance their employees and work from home, the
need and use for office space continues to be fluid.
Sales volume and leasing were down significantly mid-year.
It is estimated that year over year commercial sales will be
down 47%. While some businesses are adapting well to
working from home, others are desperate to get back to
their office when the time is right. The future of office space
continues to evolve.
The South Coast commercial sales market soared into
uncharted territory in 2019, as dollar volume (excluding
hotel property) exceeded $500 million, surpassing the next
highest annual total by $140 million. The bulk of the volume
proceeded from the office sector, particularly in Goleta,
where the stars aligned to produce a series of high-priced
sales. The ongoing trend of greater owner-user activity in
the market reached a new level, while investor demand for
acquisitions in the small and medium price range was tepid.
At the beginning of 2020, local brokers predicted sustainable
growth. Google's widely publicized breakthrough in quantum
computing at 301 Mentor Drive helped elevate the city's
name recognition and profile as a burgeoning spot for R&D.

24

GOLETA MAGAZINE

SBSCChamber.com

Six months into the pandemic, Goleta's office vacancy rate is
5.3%, virtually even with the rate at the end of 2019.
By Francois DeJohn,
Hayes Commercial Real Estate

Google's widely publicized
breakthrough in quantum computing
at 301 Mentor Drive helped elevate
the city's name recognition and
profile as a burgeoning spot for R&D.


http://www.SBSCChamber.com

Goleta Magazine 2020-2021

Table of Contents for the Digital Edition of Goleta Magazine 2020-2021

Contents
Goleta Magazine 2020-2021 - Cover1
Goleta Magazine 2020-2021 - Cover2
Goleta Magazine 2020-2021 - Contents
Goleta Magazine 2020-2021 - 4
Goleta Magazine 2020-2021 - 5
Goleta Magazine 2020-2021 - 6
Goleta Magazine 2020-2021 - 7
Goleta Magazine 2020-2021 - 8
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Goleta Magazine 2020-2021 - Cover3
Goleta Magazine 2020-2021 - Cover4
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