The Real Deal Los Angeles

Submarket Snapshot: Encinco’s office market in Q1 2016

Area saw lowest vacancy in San Fernando Valley, according to report

April 21, 2016 05:10PM
By Hannah Miet

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San Fernando Valley inventory

San Fernando Valley inventory in Q1 (Credit: Transwestern)

Encino saw the lowest vacancy rate in the San Fernando Valley in the first quarter, according to a report by Transwestern.

The 3.2 million-square-foot submarket saw 9.6 percent vacancy, compared to the market total of 15.4 percent. Sherman Oaks saw the second-lowest vacancy rate, at 9.7 percent, while the Western San Fernando Valley saw the highest, at 39.4 percent. 

Encino office rent averaged $2.70 a square foot a month in the first quarter, higher than the market total of $2.40.

The submarket saw 40,640 square feet of positive absorption.