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OFFICE VACANCY ENDS YEAR AT HIGHEST LEVEL THIS DECADE
The San Fernando Valley & Ventura County office market ended 2009 with vacancy levels at their highest rate this decade. With net absorption of -75,100 SF in Q4 pushing the total vacancy rate up 60 basis points to 18.9%, the area office market has continued to feel the full brunt of the longest
economic downturn since the Great Depression.
Weighted average asking rents for direct available space decreased for the seventh consecutive quarter to $2.33 per square foot, per month Full Service Gross (FSG) which is the lowest average asking rental rate seen market-wide in almost three years. Since peaking two years ago, average asking
rents for the entire market are off nearly 9% market-wide.
Leasing activity increased 10% over last quarter to 482,500 SF as area companies continue to consolidate into more efficient space. However, the worrying sign of more distressed office properties coming to market is an indicator that the long projected wave of defaults and foreclosures is just beginning.
Contact Michael Soto at 213.532.3220 for more information.
  OFFSFVVC09Q4.pdf
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