Submarket Snapshot: East San Fernando Valley
The East San Fernando Valley office submarket saw its vacancy rise in the fourth quarter, according to a report by Colliers International. It saw 12.2 percent vacancy, up from 11.6 in the previous quarter.
It fared better, however, than the West San Fernando Valley, which saw 15.9 percent vacancy.
The 29 buildings that make up the 2.6 million-square-foot submarket saw only 14,700 square feet of leasing activity.
All of the San Fernando Valley’s positive absorption in the fourth quarter occurred in its West submarket, which saw 140,600 square feet. The East submarket saw negative absorption of 14,000 square feet.
Rent averaged $2.46 a square foot a month in the East San Fernando Valley. While low, it was higher than the valley average of $2.25.
No construction was completed or started in the fourth quarter.