| |
|
SALES AND LEASING ACTIVITY DOWN IN THE
SAN FERNANDO VALLEY & VENTURA COUNTY INDUSTRIAL MARKET
Due to the slowdown in the local economy in Q1 2008, sales and leasing
activity in the San Fernando Valley and Ventura County industrial market
was down 31 percent from year-end 2007. Although sales and leasing
activity was down from last quarter, the total vacancy rate remained just
3.3% at quarter-end. This reflects very tight conditions where many industrial
firms are staying in the area and taking a wait-and-see approach as it
relates to the economy. As for those firms looking for more space, the
lack of newer and larger industrial product is forcing firms to look outside
the area into markets such as Tejon Ranch and the Antelope Valley.
In Q1, asking average rental rates were flat while sale prices per SF continued
to climb slightly. Construction remained restrained, indicating that market
conditions will continue to remain very tight throughout the remainder
of 2008.
The vacancy rate in the area’s R&D market remained at 5.2%, and average
asking rental rates also remained flat. Construction activity remained
less than projected growth in demand, indicating that the vacancy rate
would likely continue to tighten in future quarters.
Contact Michael Soto at 213.532.3220 for more information.
  INDSFVVC08Q1.pdf
Email Report Link To Your Friend
|
|