The West San Fernando Valley office market saw total vacancy decrease in the fourth quarter to 14.8 percent, from 15.9 percent in the third, according to a report by Colliers International. Its vacancy rate was still higher than the San Fernando Valley total of 14.2 percent in the fourth quarter.
There are 138 office properties in the West submarket, out of the 229 buildings in all of the San Fernando Valley. The submarket has 14.8 million square feet of office space, which saw 219,600 square feet of leasing activity in the fourth quarter and a net absorption of 121,300 square feet.
Asking rent was an average of $2.19 a square foot a month, lower than the San Fernando Valley average of $2.22.