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VACANCY AND AVAILABILITY RATES BOTH UP IN THE SFV & VENTURA CO. INDUSTRIAL MARKET
The San Fernando Valley & Ventura County industrial market continued to see rising vacancies with the total vacancy rate increasing 20 basis points over last quarter to 3.9%. While the total vacancy rate increased only slightly market-wide, the availability rate has continued to increase to a decade-wide high of 9.2% as economic conditions have caused landlords to market industrial space sooner than before. As this available occupied space rolls vacant, it is expected that vacancy rates will continue to climb to heights not seen in over a decade.
Despite the uncertainty facing most owner/users and investors, the market saw a 32% increase in the amount of sales and leasing activity from the previous quarter to 1.07 million SF. While this is still down 26% from the 1.5 million SF of activity seen just a year ago, increased activity for the
second consecutive quarter is a cautiously optimistic sign that industrial users are finally making real estate decisions after the extreme business climate uncertainty seen earlier this year.
The vacancy rate in the area’s R&D market increased to 12.2% in Q3. Like in the area’s industrial market, sales and leasing activity was also up from 176,000 SF in Q2 to 217,500 SF in Q3.
Contact Michael Soto at 213.532.3220 for more information.
  INDSFVVC09Q3.pdf
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