Area’s Overall Rate of Office Vacancies Dips to Below 20%
The office vacancy rate in the San Fernando and Conejo valleys was pegged at 19.6% by March 31, having slipped from 20% at the end of 1985, the real estate firm of Grubb & Ellis reported.
The firm said the amount of occupied office space climbed from 11.6 million square feet to 11.9 million square feet during the three months. At the same time, the total amount of office space, both vacant and occupied, in the valleys rose from 14.5 million square feet to 14.8 million square feet, the firm said.
A vacancy rate of about 20% constitutes a soft market, according to real estate experts.
Grubb & Ellis said the highest vacancy rate, 29%, was in the area of Burbank, North Hollywood, Studio City and Universal City.
The Conejo Valley had a 21% vacancy rate, and the area of Calabasas, Canoga Park, Tarzana and Woodland Hills, 17%. The area of Encino, Sherman Oaks and Van Nuys showed a vacancy rate of 16%.
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