Commercial Vacancy Rate Falls Over Year

The vacancy rate among commercial properties in the San Fernando Valley area fell to 15% at the end of February, down from 19% in the same period a year earlier, according to the Julien J. Studley commercial real estate agency.

During the latest reporting period, a total of 500,989 square feet was newly leased in the Valley area, up 14% in the same period a year earlier.

Seth Dudley, a senior vice president in Studley’s West Los Angeles office, said the tightening in the commercial real estate market “is the result of steady leasing activity and a lack of new construction, accelerated by earthquake-related leasing activity.”