Select Page

SANTA BARBARA, Calif. – The forecast for commercial real estate in the near-future shows a plateau in some rental rates, a vacancy increase in large buildings, new housing ideas and more hotels.

The 14th annual Radius Real Estate and Economic Forecast took place at the Hilton Beachfront Resort with several experts hitting on each topic.

A Radius Commercial Sales and Leasing principal, Gene Deering, went deep into the changes in the Funk Zone underway with a new 250-room hotel in the planning stages on Garden St. and Yanonali along with an entire block at Gray Avenue going through a sale.

He also asked if the Funk Zone wasn’t so popular with the changes in recent years, would State Street be struggling as much?

The presentation also focuses on two large new housing proposals at the Paseo Nuevo Mall and the La Cumbre Plaza, both in the early stages, but the biggest projects of their kind underway on the South Coast.

After a spike in the last couple of years, the forecast is for housing rental rates to plateau.

There were other hotel projects, including two in the heart of downtown and one on upper Chapala Street where a church was just purchased. It will be converted into a hotel project near the intersection of Mission Street.

(More details, video and photos will be added here later today)

The post Radius Real Estate Forecast shows plateau in Santa Barbara housing rental rates, more vacancies in commercial space appeared first on News Channel 3-12.