Break in new project delivery helps vacancy rate tighten up. (Real Estate Quarterly--Ventura County).THE Ventura County office market showed some signs of recovery during the first quarter as brokers finally got a break from the flood of space that came onto the market after the tech crash. Vacancy rates fell to 13.8 percent, from 14.5 percent during the previous quarter, with net absorption increasing to 68,547 square feet from 42,373 square feet, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. . Most of the prime office space exists in East Ventura County, where vacancies dropped to 14.5 percent during the quarter, from 15.5 percent in the previous three months. That's not to say the market is robust. Space that took 90 days on average to lease two years ago now takes about twice as long -- but at least has tenants. "We have reached the bottom," said Moshe Silagi, owner of Silagi Development Inc. "We'll see the office market improving. Not fast enough, but it's improving." The more significant deals involved public agencies, as large private companies continued at an even pace or downsized. In fact, Silagi secured one of the larger leases, a 10-year. agreement with Ventura County's social services social services Noun, pl welfare services provided by local authorities or a state agency for people with particular social needs social services npl → servicios mpl sociales agency for 50,600 square feet in the Pacific West Corporate Center, 2240 East Gonzales Road in Oxnard. The January deal was valued at $11.2 million. The county's behavioral health Behavioral health was first used in the 1980's to name the combination of the fields mental health and substance abuse. As an example, an organization serving both mental health and substance abuse clients might refer to its practice as behavioral health or division signed a seven-year lease for 21,200 square feet in a $3.5 million deal at 72 Moody Court in Thousand Oaks Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. in March. Brokers are now looking at the 3 percent increase in jobs countywide during 2002, which they hope will mean more doctors, lawyers, accountants and other service providers seeking space. Average Class-A office leasing rates were $2.20 per square foot in Thousand Oaks and $1.64 per square foot in the Oxnard Plains The Oxnard Plain is a large coastal plain in southwest Ventura County, California bounded by the Santa Monica Mountains, the Santa Susana Mountains, and Oak Ridge (beyond which lies the Conejo Valley) to the east, the Topatopa Mountains to the north, the Santa Clara River Valley , lower than many parts of the west San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. . "If you look at the buildings designed for smaller tenants, the vacancies are generally (lower)," said Mike Foxworthy, executive vice president for DAUM Commercial Real Estate Services. "The small companies are truly what the Ventura County market is made of." More than 1.3 million square feet of office space remains up for grabs. In East County, available space includes 200,000 square feet in the Conejo Spectrum at 2380 and 2400 Conejo Spectrum Drive in Thousand Oaks; 68,661 square feet in the Arbors of Thousand Oaks, 2545 Hillcrest hill·crest n. The summit line of a hill. Drive in Thousand Oaks; and 53,800 square feet in the Conejo Spectrum at 1525 Rancho ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. Conejo Blvd. in Thousand Oaks. West County vacancies include 54,000 square feet in the Mission Oaks Business Park at 5153 and 5155 Camino Ruiz Camino Ruiz is a road in northern Mira Mesa, San Diego, California that was once planned to be a major connecting route between North County and Miramar. It was also called the Son of 680 after Select Arterial 680 which was deleted. in Camarillo and 40,000 square feet in the Camarillo Business Center at 730 Paseo Camarillo. "A large amount of supply was added in a short period of time," said Bill Kiefer, managing partner of the Ventura County office of NAI See Network Associates. Capital Commercial, adding that the national rate is 16 percent to 17 percent. No new office space came on the market during the first quarter, and only 57,250 square feet came on in 2002. That will soon change, again with the government leading the way. The Point Mugu Federal Credit Union is currently building a 40,000-square-foot corporate headquarters in the Camarillo Business Center at 761 Daily Drive, with plans to relocate from its Ventura office this summer. The agency plans to lease 10,000 square feet of space in the building at an asking price of $1.95 full-service gross. Meanwhile, the industrial market showed a slight decrease in vacancies, to 8.2 percent from 8.7 percent, with many of the transactions coming from sales as stock market-leery companies take advantage of low interest rates. NAI Capital Commercial represented Kretek International Inc. in its March sale of a 40,000-square-foot warehouse and distribution facility at 5069 Maureen Lane in Moorpark to video system creator MPO MPO myeloperoxidase. MPO Myeloperoxidase, see there Videotronics Inc., which paid $3.1 million. Kretek then invested $5.5 million in an 80,000-square-foot office and warehouse building at 5449 Endeavor St. in Moorpark. RELATED ARTICLE: Major Events * Ventura County signed a $11.2 million, 10-year lease for 50,600 square feet of office space in the Pacific West Corporate Center at 2240 East Gonzales Road in Oxnard. * The county also signed a seven-year lease for $3.5 million for 21,200 square feet of office space at 72 Moody Court in Thousand Oaks. * Kretek International Inc. paid $55 million for an 80,000-square-foot office and warehouse building at 5449 Endeavor St. in Moorpark. * Pacific Prime Properties invested $5 million in a 100,000-square-foot manufacturing and distribution facility at 1400 Stratham Parkway in Oxnard. [GRAPH OMITTED] |
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