Commercial real estate questions, answered.

Caitlin Hensel is a Partner at Hayes Commercial Group, a commercial real estate brokerage in Santa Barbara and Goleta, California. She represents clients in investment sales, acquisitions, and landlord and tenant representation across the Santa Barbara, Goleta, and Carpinteria markets, and has closed hundreds of commercial transactions across office, retail, R&D, industrial, and land.

Caitlin works throughout Santa Barbara County's South Coast, primarily Santa Barbara, Goleta, and Carpinteria, along with Montecito, Summerland, and Isla Vista. She also has select experience across the broader Central Coast through Hayes Commercial Group.

Her work spans office, retail, R&D and lab, industrial, medical, hospitality, land, and multifamily properties, including listings, tenant representation, investment sales, and acquisitions. She has a particular niche in downtown Santa Barbara office and retail as well as Goleta's office and R&D tech corridor.

Commercial rent varies widely by property type and location. Space is typically quoted per square foot per month, plus triple-net (NNN) operating expenses. Use the lease calculator for an estimate, or contact Caitlin for current figures on a specific building.

In a triple-net (NNN) lease, the tenant pays a base rent plus its share of the property's operating expenses: property taxes, insurance, and common-area maintenance (CAM). It's the most common structure for commercial space on the South Coast. A full-service gross lease, by contrast, bundles those expenses into a single rate. Knowing which structure you're being quoted is essential to comparing spaces accurately.

Commercial brokers focus on income-producing property such as office, retail, industrial, and multifamily, and work with concepts like net operating income (NOI), cap rates, and lease structures such as NNN that don't typically apply to home sales. Commercial deals are usually more complex, involve longer timelines, and require deeper financial analysis.

Commercial real estate commissions are typically a percentage of the sale price or total lease value, and are almost always paid by the seller or landlord, not the buyer or tenant. In a sale the fee is paid at closing; in a lease, at lease signing. Exact rates vary by deal type and size and are set out in the listing or representation agreement. For tenants and buyers, working with an advisor like Caitlin generally costs nothing directly, since the fee comes out of the transaction.

A properly structured 1031 exchange can let an owner defer capital-gains tax on the sale of investment property by reinvesting the proceeds into like-kind property. The deferral is not automatic: it depends on meeting strict IRS timelines and rules, so it is important to work with a qualified intermediary and a tax advisor. Caitlin regularly works with sellers structuring 1031 exchanges as part of a sale strategy.

A Broker Opinion of Value is a broker's written analysis of a property's likely market value, based on comparable sales, income analysis, and current conditions. Caitlin provides BOVs for owners considering a sale or refinance of commercial property in the Santa Barbara area, and it's often the first step before going to market.

A capitalization (cap) rate is a property's annual net operating income (NOI) divided by its price or value, shown as a percentage. It's the standard way to compare commercial investments. A building with $200,000 of NOI priced at $4,000,000 has a 5% cap rate. Lower cap rates generally mean higher prices and lower perceived risk. On the Santa Barbara South Coast, strong demand and limited supply tend to keep cap rates compressed relative to inland markets. Caitlin can run the numbers on any specific property.

CAM stands for common area maintenance: a tenant's share of the cost to operate and maintain shared areas of a property, such as landscaping, parking, lighting, and management. In a triple-net (NNN) lease, CAM is billed on top of base rent along with property taxes and insurance. Always ask for a building's current CAM or NNN estimate when comparing spaces, because it can significantly change your total occupancy cost.

A tenant improvement allowance is money a landlord contributes toward building out or customizing a space for a tenant, usually quoted as dollars per square foot. It's one of the most negotiable parts of a commercial lease, especially on longer terms. 

Reach out directly to discuss your property or space needs, whether you're looking to sell, buy, or lease in the Santa Barbara, Goleta, or Carpinteria area. Call (805) 898-4374 or use the contact page to start the conversation.