The Valley’s 2.47-million-square-foot Sherman Oaks office submarket saw 9.7 percent vacancy in the first quarter, according to a report by Transwestern.

It had the second-lowest vacancy rate in the SFV market, bested only by Encino.

Sherman Oaks saw 7,817 square feet of positive absorption and no construction.

Rent averaged $2.82 a square foot a month, pricier than the $2.40 Valley average.