Commercial Vacancy Rate Flat in Quarter

While commercial real estate vacancy rates in Ventura County have declined sharply from their recession-era highs, the market has stayed mostly flat for the past year, according to specialists with CB Commercial Real Estate Group.

The third quarter of 1995 saw decreases from the previous quarter in the vacancy rates for office and retail space. But compared to the same period last year, the rates changed little.

Jerry Pelton, CB Commercial’s senior vice president and managing officer, said the holding pattern reflects uncertainty about the economies of Southern California and Ventura County.

“There’s been a number of things that have caused people to pause and hold back on their decision-making process,” he said, citing the fight this summer over Point Mugu’s possible closure.

Countywide, the office space vacancy rate stood at 15.5% for this year’s third quarter--exactly the same figure as a year ago. In the retail space market, the vacancy rate was 7.7%, up from 7.1% in the third quarter of 1994.

Communities in the eastern part of the county, in general, fared better than those in the west. Thousand Oaks, for example, had a retail vacancy rate of 3.8% in the last quarter. And several new shopping center projects have been proposed for the city.

Retailers are drawn to the Conejo Valley’s high income levels, said Reed Henkelman, a CB vice president. The local market, he said, is strong enough to support the influx of new stores.