Office vacancy rates plunge.Office vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rates in the greater 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. tumbled into the single digits in the fourth quarter of the year, raising some concerns over availability as 2005 unfolds. In the fourth quarter of 2004, vacancies dropped to 8.8 percent, down from 10 percent in the third quarter and 12.8 percent in the fourth quarter of 2003, 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. data just released by Grubb & Ellis. Net absorption (the amount of square footage absorbed less the amount vacated) was 302,446 square feet in the quarter, the report said. Grubb & Ellis's North Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. territory includes the Valley floor and the Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, and Conejo valleys The Conejo Valley is a region spanning both Southeastern Ventura County and Northwest Los Angeles County in Southern California, United States. It was discovered in 1542 by Spanish explorer Juan Rodriguez Cabrillo, and eventually became part of the Rancho El Conejo land grant by . In Burbank, which is broken out separately in the data, vacancies dipped to 12.9 percent, down from 13.8 percent in the third quarter but higher than the 11.7 percent vacancy rate in the fourth quarter of 2003. Despite the improved vacancy rates, asking rents in the region remained stable at $2.15 per square foot for class A properties in the North Los Angeles region. Asking rents in Burbank in the fourth quarter were $2.60 per square foot, a three cent drop from the third quarter, but an improvement over the year ago quarter when asking rents in Burbank were $2.53 a square foot. The fourth quarter improvement in the office leasing market is expected to continue into 2005, the Grubb & Ellis report predicted, bringing fewer landlord concessions to new tenants and rent increases in some markets, including North L.A. "Little to no concessions are anticipated in 2005 for tenants in such markets as Pasadena and the West and Conejo Valleys of northern Los Angeles, where vacancies are expected to reach single digits by late 2005," the report said. Vacancy rates in the fourth quarter were highest in the West Valley, hovering hov·er intr.v. hov·ered, hov·er·ing, hov·ers 1. To remain floating, suspended, or fluttering in the air: gulls hovering over the waves. 2. at just over 10 percent. The Santa Clarita Valley The Santa Clarita Valley is the valley of the Santa Clara River in Southern California. It stretches through Los Angeles County and Ventura County. Its main population center is the city of Santa Clarita. The valley was part of the 48,612-acre (19,672. saw the lowest vacancy rate in the quarter, 6.6 percent. Brokers generally report that leasing activity appears to be picking up throughout the Valley, and with occupancy near full in many submarkets and little new construction underway, there is concern that if more tenants come into the market there will be a dearth of supply to show them. Only 324,613 square feet of office space is currently under construction in the North L.A. region. By comparison, 1.1 million square feet of space was absorbed in 2004. |
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