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The San Luis Obispo Chamber of Commerce is an independent business advocacy organization that is not affiliated with the U.S. Chamber of Commerce or any other Chamber of Commerce.

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San Luis Obispo Chamber of Commerce Visitors Center
1039 Chorro Street
San Luis Obispo, CA 93401
Telephone: 805.781.2777
Fax: 805.543.1255
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San Luis Obispo Chamber of Commerce Visitors Center1039 Chorro StreetSan Luis Obispo, CA 93401Telephone: 805.781.2777Fax: 805.543.1255

2012 Community Economic Profile

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.  Average monthly rent in the County of San Luis Obispo only decreased by 2.5% over 2011. An increase in new home inventory 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.
 
Housing Units & Occupancy (County of San Luis Obispo)
Housing Units    117,340
Occupied              103,011
Vacant                  14,329
(Source: US Census Bureau)

 Average Monthly Rent (County of San Luis Obispo)
 One-bedroom         $979
 Two-bedroom         $1,074
 Three-bedroom      $1,456
 Four-bedroom        $2,362
 Overall                     $1,179

City Level Home Prices

City Median Home Price
Arroyo Grande $460,595
Atascadero $308,487
Cambria $308,487
Grover Beach $335,810
Morro Bay $349,500
Nipomo $301,000
Oceano $190,000
Paso Robles $284,184
Pismo Beach $520,000
City of San Luis Obispo $532,819

Median Single-Family Home Price:                         $360,000

San Luis Obispo County Building Permits
    Total Construction Permits      80
    Single Family Units                    60
    Multiple Family Units                  20

Lodging

  • Number of Hotels/Motels/Bed & Breakfasts in San Luis Obispo County: 172
  • Total Rooms Available in San Luis Obispo County: approximately 11,000; 3,200 in the City of San Luis Obispo 
  • Total Hotel/Motel/Resort Rooms in Planning: 208 
  • Number of Homes & Trailer Parks in County: 60

Commercial Sites
This past year has seen an increase in lease transactions, although these are typically tenants who are shopping to reduce their lease expenses.  Most of the leasing activity has been properties under 5,000 square feet.  San Luis Obispo and Paso Robles are the County’s two largest commercial markets.  In the past year, the city of San Luis Obispo’s overall commercial vacancy rate has increased, while Paso Robles’ overall commercial vacancy rate has decreased.  San Luis Obispo’s retail vacancy rate has increased by .7%, most likely due to the mandatory downtown retrofitting project.  Paso Robles’ industrial vacancy rate has dropped by 5.5% with the office vacancy rate also decreased by 7.2%. 

Historically, Downtown San Luis Obispo lease rates have been fairly stable with only incremental increases over the last fifteen years; however, there is a rapidly developing new rental paradigm.  The downtown buildings which have not gone through the retrofitting process are typically rented for under $1.75 per square foot, while the retrofitted buildings are generally asking between $2.00 and $3.50 per square foot.

City Retail Sites
Estimated Total Square Footage of Retail in San Luis Obispo: 3,959,000 square feet
Overall Retail Vacancy Rate for San Luis Obispo: 5.4%
Overall Industrial Vacancy Rate for San Luis Obispo: 9.7%
Overall Office Vacancy Rate for San Luis Obispo: 13.6%

Monthly rental cost for an average shopping center starts at $1.25 per sq foot and can reach up to $4.00 per sq foot in prime downtown locations.

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