Developer to Build Offices in Conejo Business Center

A Thousand Oaks developer says it is getting ready to construct Conejo Valley’s first speculative office building in three years.

Silagi Development & Management Co. has scheduled groundbreaking early next month for a $2-million, 20,000-square-foot building in the Conejo Business Center on Hodencamp Road in Thousand Oaks. Silagi said a bank, one the company won’t identify, is financing the building.

Real estate people have been saying for the past year that parts of Ventura County were due to see some speculative commercial and industrial construction. Vacancy rates have come down due to an improving economy and the arrival of former Los Angeles County firms whose buildings were damaged in last year’s earthquake.

“There’s a tremendous demand for office space in the Conejo Valley,” says Tony Principe, vice president of Westcord / Westoaks Commercial Group, a Westlake Village brokerage that is the business center’s marketing agent. Conejo Valley includes Thousand Oaks and Newbury Park.

He said the new building, scheduled for completion in June, will be the third office structure in the complex. The other two, built in the past four years, are 100% leased, he added.