SANTA BARBARA, Calif. – Forecasts for commercial real estate in the near future are for some rents to plateau, vacancies in large buildings to increase, new housing ideas and hotels to emerge.
The 14th Annual Radius Real Estate and Economic Forecast was held at the Hilton Beachfront Resort, and several experts offered their opinions on each topic.
Gene Dearing, president of Radius Commercial Sales and Leasing, said there is a new 250-room hotel in the planning stages at Garden Street and Yanonari, as well as an entire block of Gray Avenue that is on sale. A deep dive into the changes in the funk zone. .
He also asked, “If Funk Zone had not existed, would some of the retailers have gone to State Street? And perhaps State would have been in a better position?”
He also said of the ongoing changes to the State Street underpass between the waterfront and downtown, “It's a great design and will look cool when it's finished, but we're spending $11 million on this. “If the city can't maintain it,” he said. Keep it clean and safe. No matter how cool the design is, people won't want to go there. ”
The presentation also highlights two large-scale new housing proposals at Paseo Nuevo Mall and La Cumbre Plaza. Although both are in their early stages, they are the largest projects of their kind underway on the south coast. “We know the City Council wants that project, and it will be 500 units, 85,000 square feet of retail space and 96,000 feet of open space,” said Radius' Michael Lopass. “There is a desire for change in that Paseo Nuevo neighborhood.” ”
After soaring over the past few years, residential rental prices are expected to plateau.
There are other hotel plans, including two in the downtown core and one on upper Chapala Street, where the church was just purchased. It will be converted into a hotel project near the Mission Street intersection.
(Details, videos and photos will be added here at a later date)
