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Ventura County Office Market Outlook 1Q 2018

05/01/2018
Published By: NAI Capital Research

MARKET OVERVIEW
The Ventura County office market saw both the vacancy rate and average
asking rent rise in the first quarter of 2018. The vacancy rate reached
11.6% this quarter, which represented a sharp increase of 60 basis points
over 4Q 2017 and 80 basis points over 1Q 2017. Occupancy shrank by
211,294 SF over the prior quarter as several tenants moved out. The largest
block of space added to the market this quarter was 39,767 SF in Westlake
Village previously occupied by Bank of America. The asking rent averaged
$2.22/SF this quarter, up 2.3% over 4Q 2017 and 2.8% higher than the
rent at this time last year. Landlords of class B office space in the Eastern
submarket, near the border with Los Angeles County, primarily drove
this rise. Between February 2017 and February 2018, the unemployment
rate in Ventura County fell by a full 100 basis points from 5.0% to 4.0%,
representing a net gain of 6,000 jobs. Within the office occupying sectors,
the Financial Services and Professional & Business Services sectors lost
a combined 500 jobs while the Education & Health Services sector gained
900 jobs for a net gain of 400 new jobs over the year.

Release Date05/01/2018 - 11:47

Source

NAI Capital

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