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Local companies pump up occupancy.

Publication: Knight-Ridder Tribune Business News
Publication Date: 07-AUG-05 		Format: Online - approximately 1483 words
Delivery: Immediate Online Access

Article Excerpt
Byline: Maria Zate

Aug. 7--Although two Fortune 500 companies and other mammoth corporations have departed the South Coast in recent years, it's not all doom and gloom for the commercial market.

Many local companies, small and large, are expanding at a healthy pace, with recent leasing activity documenting the changes that signal a solid economy.

The midyear commercial leasing report shows robust demand for all types of spaces in Santa Barbara, and a vastly improving market for Carpinteria.

Although Goleta's office vacancy neared record highs as of midyear, several pending deals are expected to pump up occupancy by the end of the year.

Most of the demand is being driven by local companies in search of more room to work in, rather than new companies coming to town.

"We've seen more companies looking for larger spaces than we have in recent years," said Francois DeJohn of Leider Hayes Commercial Real Estate in Santa Barbara.

Vacancy and rental rate information presented here comes from two prominent commercial brokerages in Santa Barbara: Leider Hayes and Radius Group Commercial.

The biggest news in company expansions comes from software maker Citrix Online in Goleta. Citrix recently landed approval to build a $31 million corporate center, where it will occupy 160,000 square feet. The company currently has 300 employees but expects to double that in about...

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