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DETERIORATION IN MARKET FUNDAMENTALS SLOWS AS LEASING ACTIVITY INCREASES
Through the first half of 2009, the San Fernando Valley & Ventura County office market continued to experience weak market fundamentals as the total vacancy rate increased to 17.9% and net absorption was -224,600 SF in Q2 2009. In addition, weighted average asking rents decreased for
the fifth consecutive quarter to $2.38 per square foot, per month Full Service Gross (FSG).
While market fundamentals remain the weakest they have been in over a decade, leasing activity increased 37% over last quarter to 620,200 SF. In addition, the fact that the amount of space givebacks were lower than expected this quarter suggests cautious optimism that the market may be
finally reaching a bottom.
Contact Michael Soto at 213.532.3220 for more information.
  OFFSFVVC09Q2.pdf
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