Overall, the office market remained extremely tight in the greater San Fernando Valley area in the fourth quarter of 2006, and vacancy levels declined still further in some markets. According to a just-released report from Grubb & Ellis, the overall vacancy rate in the Valley remained at 6 percent for the quarter, unchanged from the third quarter of last year. But in the West Valley, East Valley, and Conejo and Santa Clarita valleys vacancies declined further from last quarter’s tallies, leaving even less available office space in an already tight market. In the West Valley, office vacancies declined to 8.8 percent from 9.2 percent in the third quarter of 2006. In the East Valley, vacancies dropped to 2.9 percent from 3.2 percent in the third quarter of last year. In Conejo, vacancies declined to 5.8 percent from 6.5 percent in the third quarter of last year. Santa Clarita vacancy rates declined to 8.1 percent from 8.3 percent in the third quarter of 2006. Rates rose in only one greater Valley market, the Central Valley, where office vacancies inched up to 4.4 percent from 4.0 percent. Asking rents, though continuing to inch up, are still moving slowly, the Grubb & Ellis report revealed.