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Friday, Mar 29, 2024

At a Glance: Valley’s Commercial Real Estate Market

The industrial real estate market in the greater San Fernando Valley region was relatively steady in the third quarter, but low job growth continues to hold it back. The vacancy rate for properties 30,000 square feet or more was 4.5 percent, virtually unchanged from last quarter and the third quarter in 2010, according to Jones Lang LaSalle, which does not include subleases. Asking rents were 54 cents per square foot, the same as the previous quarter and down one cent from the third quarter in 2010. While vacancy is higher than the 2.6 percent in the third quarter of 2008, the greater Valley is one of the better performing markets. Only Central Los Angeles had a lower vacancy rate during the third quarter. Brokers say the diversity of businesses in the Valley and low rates for SBA loans have helped the market.

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