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Download a PDF of the full report
For further information contact
San Luis Obispo Chamber of Commerce Visitors Center
1039 Chorro Street
San Luis Obispo, CA 93401
Telephone: 805.781.2777
Fax: 805.543.1255
Send email
Websites:
www.slochamber.org www.visitslo.com
www.slo-business.com
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2010 Community
Economic Profile
for the
City of San Luis Obispo
with additional information about San Luis Obispo County
Prepared by the Research Department of the San Luis Obispo Chamber of Commerce
Real Estate
The residential real-estate market is currently swinging from a seller’s market to a buyer’s market. Areas in San Luis Obispo County have experienced declines in median home prices, sales, and building. A decline of 6.1% is expected in pricing and 10.9% in sales. A housing recovery component will be reducing the inventory of new homes. Average monthly rent went up 11.4%. This increases the prospect of owning as opposed to renting; encouraging more buyers to enter the housing market, creating the opportunity for the market to correct itself.
Average monthly rent for San Luis Obispo city
| One bedroom |
$1,056 |
| Three bedroom |
$1,433 |
| Overall |
$1,203 |
City Level Home Prices
| City |
Median Home Price |
| Arroyo Grande |
$550,000 |
| Atascadero |
$384,750 |
| Cambria |
$650,000 |
| Grover Beach |
$400,000 |
| Morro Bay |
$520,000 |
| Nipomo |
$470,000 |
| Oceano |
$371,500 |
| Paso Robles |
$365,000 |
| Pismo Beach |
$750,000 |
| San Luis Obispo city |
$629,000 |
Average Sale Prices for Existing Single-Family Homes County Wide
Median Home Price: $470,233
City of San Luis Obispo
Total Residential Units Permitted 42
Single Family Units 42
Multiple Family Units 0
Residential Building Value $341.6 Million
County of San Luis Obispo
Total Residential Units Permitted 6,880
Single Family Units 6,284
Multiple Family Units 596
Residential Building Value $341.6 Million
Fiscal Year Hotel/Motel Room Sales
City of San Luis Obispo $50,641
County of San Luis Obispo $238,741
Lodging
Number of Hotels/Motels/Bed & Breakfasts in San Luis Obispo County: 170
Total Rooms Available in San Luis Obispo County: approximately 10,000; 3,000 in San Luis Obispo
Total Hotel/Motel/Resort Rooms in Planning: 253
Number of Homes & Trailer Parks in County: 60
City Commercial Sites
The commercial market is bleak. All the trends in this market are headed in the wrong direction and are not likely to change in the near future. A lack of credit and slowing economy will negatively impact commercial real estate. In each of the County's two largest markets, San Luis Obispo City and Paso Robles, vacancy rates have increased. Vacancy rates for industrial and retail properties have more than doubled in each market. While they have not doubled, vacancy rates in the office market have increased. Rising vacancy rates, lack of credit, and a weak economy have led to a slowdown in non-residential building. We forecast non-residential building to decline 27.8 percent in 2009 throughout the County. Only Pismo Beach and the unincorporated areas will see an increase. Rents in downtown San Luis Obispo are experiencing unprecedented upward pressure. Downtown lease rates historically have been fairly stable with only incremental increases over the last fifteen years; however, there is a rapidly developing new rental paradigm. Costs associated with mandated earthquake retrofit of downtown SLO un-reinforced buildings, are triggering landlords to raise rents (in some cases precipitous increases) and forcing local retailers to find more affordable space.
City Retail Sites
Estimated Total Square Footage of Retail in San Luis Obispo: 4,100,000 square feet
Overall Retail Vacancy Rate for San Luis Obispo County: 5.6%
Overall Industrial Vacancy Rate for San Luis Obispo County: 6.1%
Overall Office Vacancy Rate for San Luis Obispo County: 9.7%
The asking rent can vary tremendously based on quality and size of the available space.
Smaller (<5,000 square feet): +/- $4.50 per square foot
Medium (5,000 – 10,000 square feet): +/- $2.50 per square foot
Larger (>20,000 square feet): +/- $2.00 per square foot |
