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Airport Commission adopts new commercial and industrial lease rate ranges for Santa Barbara Airport
Summary
The Airport Commission approved updated rate ranges for commercial, retail, office and industrial space on the airport's north side effective July 1; staff said current leases will not change until renewal and the airport seeks public-private partnerships for future development.
The Santa Barbara Airport Commission voted unanimously June 12 to adopt revised rate ranges for the airport's commercial and industrial properties; the new ranges take effect July 1 for new leases and apply at renewal for existing tenants.
Why it matters: The airport manages roughly 173,000 square feet of office, retail and storage space and about 337,000 square feet of aeronautical space outside the air operations area. Staff said the revised ranges better align airport rents with the Goleta market while preserving flexibility for lower-quality buildings that target budget-conscious tenants.
John Feldhans, properties manager, told commissioners the airport benchmarks rates against the Goleta market and classifies buildings by quality: class A/B (higher-quality, renovated) and class C (older, limited amenities). He said market averages declined between fourth quarter 2024 and first…
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