The Hayes Commercial Group released its second quarter 2018 Midyear Review of South Coast commercial real estate. According to the report, activity in Carpinteria was subdued in the first two quarters, with just three commercial sales. In Summerland, the former Cantwell’s Market building at 2580 Lillie Avenue was purchased by an owner-user for $5.4 million.
In terms of commercial leases in Carpinteria, five of the six leases to date were completed in the second quarter, including Starr Indemnity & Liability’s lease of 10,395 square feet at 1001 Mark Ave. Vacancy has rebounded significantly since Procore’s leasing spree ended in 2016, but the current rate of 5.2 percent is still relatively low by historical standards, according to the report.
On the industrial scene, the report indicates that Carpinteria continues to have very low vacancy, with only three spaces available, all with asking rates comparable to asking rates for the city’s available office spaces. The 24,030 square foot building at 6384 Via Real was brought to the market in the second quarter, as Northrop Grumman plans to vacate by the end of the year.