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.