Vacancy in San Fernando and Ventura County markets (credit: Colliers)
The Conejo Valley submarket, which spans both southeastern Ventura County and northwestern Los Angeles County, saw its vacancy increase in the fourth quarter, according to a report by Colliers International.
The market, which is made up of 104 office buildings and 6.5 million square feet of space, saw 15.7 percent total vacancy in the fourth quarter, up from 14.9 percent in the third. Its vacancy was slightly higher than the San Fernando/Ventura market average of 15.4 percent.
The Conejo valley saw 79,700 square feet of leasing activity and negative absorption of 50,300 square feet.
No construction was completed in the fourth quarter, but almost 121,000 square feet was underway.
Rents in the submarket were $2.29 a square foot a month.