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Commission approves new commercial and industrial lease rate ranges for Santa Barbara Airport properties
Summary
The Airport Commission unanimously approved updated lease rate ranges for airport commercial and industrial properties effective July 1; staff said proposed ranges aim to remain below market for lower‑quality buildings while allowing higher rates for Class A/B spaces and preserve flexibility for lease terms and CAM/escallators.
The Santa Barbara Airport Commission on Tuesday unanimously approved updated rate ranges for commercial and industrial lease space managed by the airport; the new ranges take effect July 1 for new leases and apply at renewal.
John Feldhans, the airport properties manager, told the commission the properties division manages about 173,000 square feet of office, retail, storage and light industrial space outside the air operations area and approximately 337,000 square feet of aeronautical space. He presented market benchmarking that showed local quarter‑to‑quarter declines in average rents (office down about 3%, retail down about 5%, industrial…
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