Commercial Vacancies Drop in Conejo Valley

Commercial real estate vacancies in the Conejo Valley have been decreasing steadily and are at their lowest levels in two years, according to a study by Westcord/Westoaks Commercial Group of Westlake Village.

Office vacancies in the valley, bounded by the Calabasas and Conejo grades, stand at 14%, with unoccupied industrial space at 12% and retail vacancies at 8%. According to the report, Westlake Village has the lowest office vacancy rate in the area, 11%, and also the lowest industrial vacancy rate, 9%.

A key reason for the strong market in the western Conejo Valley is the expansion of Amgen Inc., the biotechnology concern headquartered in Thousand Oaks, the report said. Several companies displaced by Amgen’s growth are said to have recently rented new space in the area.

The lowest retail vacancy rate is in Agoura Hills, where only 3% of the store space was found to be vacant. However, Agoura Hills also has the highest office vacancy rate--18%. Much of this is in older buildings in secondary locations, Westcord/Westoaks said.

Commercial lease rates should remain level for the next six months, though concessions to renters probably will decline, the company predicted. If vacancies continue their downward trend, the report suggests that a landlord’s market might even develop in 1994.