2022 Q1 San Fernando Valley and Ventura County Office Research Report

Key Takeaways: 

• The overall availability rate in San Fernando Valley & Ventura County reached a decade high of 24.2%, a level last seen in 2009.
• A large amount of sublease space put on the market in Woodland Hills caused the sublease availability rate in West San Fernando Valley to hit to 9.2%.
• Leasing activity in Q1 of 670,252 SF is close to the pre-pandemic quarterly average in 2019 of 687,973 SF.
• Nearly 40% of leasing occurred in Central San Fernando Valley where office demand is highest, particularly in Encino and Sherman Oaks.
• There was year-over-year rent growth across all submarkets, with the highest increase in West San Fernando Valley.