Ventura County’s Office Market Remains on Solid Footing
Ventura, CA, Tuesday, August 08, 2017– According to research provided by NAI Capital, through mid-year of 2017, the Ventura County Office market vacancy rate ticked up 20 basis points to 12.2% as 51,953 square feet of office space was vacated during quarter. This was on top of 130,148 square feet vacated in the first quarter of 2017. The average rent asking for direct office space in Ventura County registered $1.98/SF, steady over the prior quarter, ranging between $1.95/SF and $2.50/SF over the past year. Ventura County’s Office Market may be losing steam, however, employment indicators are improving and the outlook for the Ventura County Office Market remains positive heading into the second half of 2017.
According to the California Labor Market Information Division (LMID), the latest figures available for June 2017, show jobs in the office occupying sectors grew by 2.4% over the past year; Professional & Business Services, one of the main drivers of demand for office space, saw a net gain of a mere 200 jobs over the past year. The Educational & Health Services sector saw the most growth with 5,100 new jobs added June 2017 over June 2016. As one of the County’s largest employment sectors, Education & Health Services will likely continue to be an important driver of demand for office space.
According to William G. Kiefer, Executive Managing Director with NAI Capital’s Ventura County, CA office, “The Ventura County office property market is driven by employment in the professional services sector. While strengthening over recent years, the region has yet to ‘catch up’ with a stronger market from the 2000’s decade. Not surprisingly, activity from West Los Angeles County ‘pushes’ business activity further West as employers seek to establish a footprint based on a variety of factors including advantages of a skilled workforce, nominal traffic, housing livability and economics. Ventura County is poised for increased strength through the balance of 2017 and into 2018.”
Over the past three and a half years there has not been any new construction delivered to the market. As developers wait and see, they are building confidence to push forward with new projects. Any of four office projects slated for construction could be expected to break ground over the next six months if the market remains on solid footing. The largest of those projects is an 86,000 square foot office medical building at 650 E Los Angeles Ave in Moorpark, which is listed to break ground in December 2017. Currently, the majority of the construction that is planned calls for office medical space because Education & Health Services is seeing the most significant growth in employment.
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
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 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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