Office Vacancy Rate Falls to 19% in Valley

A lack of new office construction in the San Fernando Valley helped push the vacancy rate in the Valley down to 19% in July and August, despite a slowdown in local leasing activity.

The vacancy rate for the same two months last year was 24%, according to a survey conducted by the Los Angeles area offices of J. Studley Inc., a New York-based commercial real estate firm.

Leasing activity in the Valley fell in the latest period to 520,602 square feet contrasted with the 606,360 square feet leased during July and August, 1992.

The Studley survey also found that average asking rental rates have declined by as much as $3 a square foot in some areas of the Valley, reflecting general economic conditions.