2022 Q3 San Fernando Valley and Ventura County Office Research Report
Net absorption was positive in San Fernando Valley & Ventura County, breaking the two-quarter streak of occupancy losses. Conejo Valley recorded 91,414 SF of this net absorption and 201,148 SF of leasing activity in the third quarter. In this submarket, A2 Biotherapeutics signed a long-term lease for 75,994 SF at Agoura Business Park for its new global headquarters. The biotech firm will expand its presence in this the life sciences hub where it currently occupies 30,000 SF. Leasing activity in Conejo Valley accounts for 36.6% of the San Fernando Valley & Ventura County total of 549,274 SF. While average asking rents decreased overall in Los Angeles, it is up in San Fernando Valley & Ventura County by 2.3% year over year. Every submarket in this office market has seen an increase in asking rents from one year ago, with the strongest growth in East San Fernando Valley and West Ventura.