THAT is Happening in Downtown Santa Barbara?!
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We have made it through the first month of 2018, and not without endurance. Natural disasters have shook our community and will have permanent effects on our economy. Coast Village Road has been opened, but many businesses remain closed; some may never reopen. The same is true for other parts of the county from tourism decline during our busy holiday season.
Some Montecito businesses have opened pop-ups downtown such as Blanka Boutique at 432 State St., and Richie's Barber Shop at 23 E. De La Guerra St. inside Jamie Slone Wines. Please go visit them (and other businesses downtown!), and also participate in the Coast Village Road Cash Mob on Saturday February 10th to spend money at Montecito businesses to ignite some much needed energy to this wonderful area.
Thankfully, deals continue to be made downtown as 1015 State St. (previously Churchill Jewelers), 925 State St. (previously benefit), and 1108 State St. (now Thunder Moon Collective) have been leased! Asking rates on State Street have decreased by 6% overall since summer of last year as they come into equilibrium. Tenants will continue to shuffle around as they have opportunities to move into better real estate, keeping vacancy somewhat constant for now. See my State Street Update for more info.
On the sales side, the Marshall's building at 900 State St. has come on the market as a leased investment. Marshall's has 10 yrs left on their lease and the 38,015 square foot building is listed at $18.3 million.
See my full January 2018 Newsletter Here.