The second quarter wasn’t an easy one for the North Los Angeles office market. The area, which includes the San Fernando Valley, Burbank and Glendale, largely saw vacancy rates continue to climb. The industrial market also saw vacancy rates tick upward, though still at historically low levels.

San Fernando Valley

Office tenants gave back nearly 109,000 square feet during the second quarter. The vacancy rate rose to 19.8%, up from 19.3% the previous quarter and 17.4% the previous year. Asking rents increased 1 cent quarter over quarter but fell 3 cents year over year to $2.66 a square foot.

Main Events:

• A six-property multifamily portfolio in the San Fernando Valley and West Los Angeles traded for $53.6 million in multiple transactions. The low-rise communities have a combined 155 residential units. The apartment complexes are at 3596 Centinela Ave. in West L.A., 14311-14319 Dickens St. in Sherman Oaks, 12314 Moorpark St. in Sherman Oaks, 4144 Tujunga Ave. in Studio City, 12207 Riverside Dr. in Valley Village and 12225 Riverside Dr. in Valley Village.
• BKM Capital Partners purchased two industrial properties at 7059-7077 1/2 Vineland Ave. in North Hollywood for $25.3 million. The park will be repositioned and named Backlot NoHo.
• A 29-unit property at 8101-8117 Orion Ave. in Van Nuys traded for $17 million. Orion Business Park purchased the industrial property from Rexford Industrial Realty.
• A senior living community in Woodland Hills dubbed the Wisteria at Warner Center broke ground. It spans 17 acres.
• Gorst & Compass signed a lease for a nearly 10,000-square-foot office space at 5850 Canoga Ave. in Woodland Hills.
• Three office properties at 315 N. Maclay Ave. in San Fernando sold for a total of $3.1 million.
• A Tarzana office building at 19625 Ventura Blvd. sold for $2.8 million. Mauran Ambulance Service Inc. purchased the property.
• FedEx Ground leased nearly 182,000 square feet at 9210-9218 San Fernando Rd. in Sun Valley.
• Three retail properties at 315 N Maclay Ave. in San Fernando sold for $3.1 million.

Burbank and Glendale

More space is available in Burbank’s office market as tenants gave back 131,108 square feet during the quarter. In Glendale, tenants gave back 121,255 square feet. The vacancy rate in Burbank rose to 17%, up from 15.3% the previous quarter and 8.6% the previous year. In Glendale, the office vacancy rate was much higher at 27.3%. There was 186,308 square feet of office product under construction in Glendale, but nothing in Burbank, during the quarter. The asking rent in Burbank was $4.34 a square foot, up 3 cents in a year, while the asking rent in Glendale was $3.35 a square foot, up 4 cents in a year.

Main Events

• 
• A trust purchased a 24-unit multifamily property in Burbank for $10.3 million. The asset is located at 257 E Valencia Ave.
• The state signed an office lease for nearly 33,000 square feet at the GILD building at 505 N. Brand Blvd. in Glendale.
• Three office properties at 1833 Victory Blvd. in Glendale sold for a combined $7.4 million.
• A Glendale retail property at 820 N Central Ave. sold for $12.2 million. A family trust purchased the property.
• A 105-unit multifamily property at 328 E Providencia Ave. in Burbank sold for $12.2 million.
• An individual sold an industrial property at 730 Salem St. in Glendale for $3 million.

Conejo Valley

Office tenants gave back more than 74,000 square feet during the quarter, while no office product was under construction. The market experienced a vacancy rate of 20.9%, down from 21.8% the previous quarter and 22% the previous year. Asking rents, however, fell to $2.60, down 11 cents over the previous quarter and 15 cents over the previous year.

Main Events 

• MBK Rental Living purchased a 7.1-acre site in Thousand Oaks, on which it plans to develop a 218-unit luxury multifamily community with partner Prime Life Technologies Corp. The project will break ground next year and be completed in 2026. Pk Architecture is designing the project.
• NextGen Properties purchased an industrial building at 3615 Old Conejo Rd. for $6.2 million.
• The Conrad Hilton Foundation sold an office building at 30440-30500 Agoura Rd. for $9.8 million to BendPark Inc.

Santa Clarita Valley

Office vacancy during the second quarter was 22%, up from 20.4% the previous quarter and year. Asking rents increased 2 cents quarter over quarter and 4 cents year over year to $2.74 a square foot. Office tenants gave back nearly 32,000 square feet and no new product was under construction during the quarter.

Main Events

• The Bluffs at Valencia, a 34.4-acre site within the FivePoint Valencia master-planned community was listed. CBRE Group Inc. is marketing the site that FivePoint is selling. It has up to 650,000 square feet of new building-development opportunities. It is zoned for studio, light industrial, medical, retail, office and residential uses.
• A mixed-use project north of Cinema Drive on Bouquet Canyon Road in Saugus is being considered by the city. If approved, it would create a four-story building with a deck on the fifth floor. The project’s applicant is Harvard 826 Property LLC.

Antelope Valley

A total of 41,992 square feet of industrial space was sold or leased in the High Desert during the quarter. The vacancy rate rose to 2.3%, up from 1.7% the previous year. Industrial rents increased 15 cents quarter over quarter and 33 cents year over year to $1.47 a square foot.

Main Events

• EquipmentShare purchased a nearly 23,000-square-foot industrial property at 811 Columbia Way in Lancaster for $3.8 million.
• A new Trader Joe’s assembly and distribution facility on a 104-acre site at Avenue M and 10th St. West in Palmdale will start construction this year and open next year, the city announced. It will be a 1.03-million-square-foot facility with three buildings: an 827,000-square-foot hub building, a 211,000-square-foot freezer building and a 6,000-square-foot accessory building.
• Palmdale approved three drive-thrus: a Chick-fil-A, Mister Car Wash and a coffee shop.