Valley Office Vacancy Rate Lowest of County Regions

The office vacancy rate in the San Fernando Valley edged up to 16.5% in the third quarter from 16.3% in the previous quarter, but remained the lowest rate among the four major regions of Los Angeles County, according to the real estate services firm Grubb & Ellis.

In a separate report, Grubb & Ellis said the vacancy rate for office space in Ventura County was unchanged in the quarter that ended Sept. 30, while the retail space rate fell and the rate for industrial space rose.

The third-quarter vacancy rate in the Valley--which includes the Santa Clarita Valley in Grubb & Ellis’ report--also was up from 13.6% a year earlier, but it was below the 18.4% rate for all of Los Angeles County.

Vacancy rates in the Valley ranged from 5.5% in the East Valley--home of Burbank’s media district, where office space has been slim for some time--to a high of 23.6% in the West Valley. In the Santa Clarita Valley, the rate was 9.8%.

The vacancy rate for office space in Ventura County, at 25% in the third quarter, was unchanged from the previous quarter but down from 29% in this year’s first quarter, Grubb & Ellis said.

The county’s retail vacancy rate fell to 9.4% from 9.9% in the previous three-month period, reflecting the completion of five shopping centers during the latest quarter. Ventura County’s vacancy rate for industrial space was 17%, up from 16% in the second quarter.