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Friday, Apr 19, 2024

Q1 Office Vacancy Rates Jump Again

Office vacancy rates rose 11.7% for the first quarter in the San Fernando Valley and Ventura County markets, the third consecutive quarter of negative net absorption, according to the Colliers International Market Report. Asking rental rates did not change from the previous quarter and were still healthy; up 9 percent from the first quarter of 2007. However, the report predicted that there would be “significant downward pressure on rental rates throughout the remainder of 2008.” That will be exacerbated by the more than 1 million square feet of office space under construction in the region, becoming available in the second and third quarter of ’08 and, the report suggests, potentially increasing vacancy rates another 1 to 2 percent.

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