Wednesday, May 13, 2009

Santa Barbara Retail Update

There has been some movement up and down in the retail market here lately. We thought the Apple Store was going to open last week but they were a little behind on construction so the new date is the 16th. 

Additionally, we have learned that several retailers have given up or will be giving up space soon. Most people know that Haywards has shut down their furnishings store on Santa Barbara Street, just below Figueroa. That is about 10,000 SF. Additionally, Thomasville Furnishings will be closing their store at State Street and De la Vina Street in July. Look for some good closeouts there. Finally, Boater's World on Gutierrez is closing soon. That is about 6,000 SF that will be available. None of this is good news for landlords but the bright spot for tenants is that a recent deal that leased in the 500 block of State Street saw a rate of less than $1.50/SF NNN for 11,000 SF of retail space. That is a price that hasn't been seen there in over 10 years.

If you are a retailer and have a business that is weathering this economic storm, you might want to think about throwing your hat into the State Street arena because there are deals to be made right now.

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