Skip to main content Skip to footer

2019 Q3 San Fernando Valley and Ventura County Office Knowledge Report

Download Report

SFV & Ventura Market Activity Slows in Q3

Key Takeaways:

  • The San Fernando Valley and Ventura County office market closed the third quarter with negative movement as net absorption recorded -159,600 square feet.
  • The office market vacancy rate increased by 60 basis points from last quarter to 13.0%.
  • Average asking rental rates increased by $0.03 from the second quarter to $2.61 per square foot (PSF) full service gross (FSG).
  • One new project totaling 57,000 square feet in Santa Clarita was delivered in the third quarter.
  • The Los Angeles County unemployment rate decreased to 4.4%, a decrease of 20 basis points from last year. Education and health services listed the largest year-over-year employment gain by adding 25,200 jobs. Professional and business services posted the second greatest growth, adding 14,100 jobs.

SFV & Ventura County Office Market:

Activity in the San Fernando Valley and Ventura County office market slowed as vacancy increased by 60 basis points while absorption recorded -159,000 square feet. Although market activity is slowing, asking rental rates are still seeing increases recording $2.61 PSF FSG, a 5.2% increase from one year ago. With only two new projects under construction on the horizon, the market will remain supply constrained. It is expected market conditions will remain positive as businesses look for lower-cost alternatives compared to the market areas surrounding San Fernando Valley and Ventura County.

 

Subscribe

 


GLA San Fernando Valley & Ventura County Office Report

2019 Q3 San Fernando Valley and Ventura County Office Knowledge Report

Download Report