Office Vacancy Rates Show Slight Decline

Demand remained sluggish for commercial real estate in Ventura County in the second quarter, according to a survey released Wednesday.

The survey by CB Commercial of Ventura showed only minor improvements in vacancy rates for the industrial and office sectors, while the retail market declined slightly. The company’s survey tracks commercial real estate across the county.

The vacancy rate for industrial rentals inched downward to 13.2% at the end of the second quarter from 14.3% in the previous quarter.

Office vacancy rates decreased by 0.9%, to 23.5%.

Retail vacancy rates, however, rose 0.5%, to 8.4%, the survey reported.

Some parts of the county fared better than others. In the retail market, the vacancy rate fell 1.5% in Newbury Park in the second quarter, to 7.5%. In Simi Valley, meanwhile, retail vacancies increased 3.4%, to 9%.

Newbury Park also saw a 3.5% decline in its industrial vacancy rate, but still had the highest rate of unused industrial space in the county at 24.2%.

Oxnard has the county’s highest office vacancy, at 29%, down 0.3% from the previous quarter.

Westlake Village has the lowest office vacancy rate--16.9%--down 1.2%.