Office Market Fundamentals Remain In Place According to NAI Capital Market Outlook for Ventura County, CA
Ventura, CA, Wednesday, May 03, 2017– According to research provided by NAI Capital, in the first quarter of 2017 the Ventura County Office market vacancy rate ticked up slightly from last quarter to 12%, down 60 basis points from last year. The average asking rent dropped $0.02/SF from the previous quarter, to $1.98/SF on a per month basis. However, the average asking rent is up 2.0% over last year. Over a two-year period the average asking rent has grown 3.1%, above the annual percentage change of the Consumer Price Index (CPI-U). The Los Angeles-Riverside-Orange County, CA CPI for All Urban Consumers annual average was 1.9% in calendar year 2016. Used as a measure of inflation, Ventura office market rents have grown slightly higher.
Lease and sale activity is being driven by steady economic growth and employment. In Ventura County, nonfarm employment was up 3.1% over the year. From March 2016 to March 2017, office occupying sectors added 4,400 new jobs. Organic growth and movement within the market continues to be the main driver of demand for office space. Amgen, headquartered in Thousand Oaks announced it would be relocating or reassigning 500 employees to other biotech centers around the country.
William G Kiefer , Executive Managing Director with NAI Capital’s Oxnard office said, “Vacancy and availability rates are over 20% for primary multi-tenant office buildings greater than 20,000 square feet. The general sentiment is that first quarter market activity was lukewarm. Tenants looking for space have options, with quite a few big blocks of space on the market.”
Ventura County’s comparatively attractive asking rents could cause tenants to consider relocating from the neighboring to San Fernando Valley where asking rents are higher on average.
To access the full Ventura County Office Market Outlook report, visit:
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
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To learn more, visit www.naicapital.com
About NAI Global
Founded in 1978, NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of over 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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