RETAIL, OFFICE LEASES SOAR/ BOOM SEEN EXTENDING INTO 3RD QUARTER.Byline: Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. O'Donoghue Staff Writer VENTURA - Fueled by a booming economy, Ventura County's commercial real estate market continued steaming along during the second quarter of 2000, experts said Tuesday, a trend that is expected to continue in coming months. Particularly buoyant Buoyant The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength. Notes: These types of markets can be very volatile as the prices are rapid to rise and fall with investor sentiment. in the second quarter were the retail and office sectors while the demand for industrial property lagged compared to the previous quarter. But that is expected to improve next quarter. ``Things are looking good for the county,'' said Jerry Pelton, managing director of Ventura-based commercial brokerage firm 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. , which sponsored the market update in Ventura. ``Overall, they're very, very positive. It's a real solid market.'' Pelton and others from the firm reported on the county's performance in the commercial real estate market's three sectors of retail, office and industrial activity during the April-June quarter. The retail 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. rate was 5.1 percent compared with 4.9 percent for the previous quarter and 5.7 percent for the second quarter of 1999. Reflecting red-hot demand in the retail sector, lease rates for the next quarter are expected to jump from $2 to $2.50 per square foot to an unprecedented $3.50 - despite the addition of 1.6 million square feet of new retail space, an 11.4 percent increase - over the past three years. ``It's a huge increase, and with all the (new retail space) coming on line it'll be interesting to see if there's enough demand to fill all this space,'' said Carol Schroeder, a retail market specialist for Ellis ELLIS - EuLisp LInda System. An object-oriented Linda system written for EuLisp. "Using Object-Oriented Mechanisms to Describe Linda", P. Broadbery <pab@maths.bath.ac.uk> et al, in Linda-Like Systems and Their Implementation, G. Wilson ed, U Edinburgh TR 91-13, 1991. . ``There's going to be a lot of top-end stuff coming onto the market.'' In the office sector, the vacancy rate for the second quarter was 10.5 percent, down from 12 percent in the previous quarter. ``It was another strong quarter for absorption,'' said Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs Dwyer, an office space expert for Ellis, referring to the demand for space. ``We started the trend in the second quarter and will see another strong third quarter.'' Like the retail sector, the market for office space in the second quarter was concentrated in the east county area and adjacent areas in 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. County along the Ventura Freeway The Ventura Freeway is a freeway in southern California running from Ventura to Pasadena. It is the principal east-west route through Ventura County and in the southern San Fernando Valley in Los Angeles County. corridor. The east county area is particularly popular with office firms because of access for employees commuting from the 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. and the attractiveness of the area, said Pelton. In Westlake Village, the 324,000-square-foot Westlake North Business Park is being built and renovations are under way at the 133,000- square-foot Westlake Corporate Plaza, as well as the 60,000-square-foot Conejo Spectrum in Newbury Park. In the industrial building sector, the vacancy rate in the county for the second quarter was 9.8 percent, up from 9.4 percent in the first quarter. ``It's pretty stagnant stagnant /stag·nant/ (stag´nant) 1. motionless; not flowing or moving. 2. inactive; not developing or progressing. ,'' said Ellis Vice President Harry Preston, the firm's industrial property expert. ``It's going up a little bit, but it's nothing to be concerned about.'' Most industrial activity was concentrated in the west county, where rents are cheaper and 347,000 square feet of space was either leased or sold - more than double the activity in the east county. However, the single biggest transaction was Amgen's lease of an extra 96,000 square feet of space 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. . Preston largely attributed the apparent sluggishness of the industrial sector to the 21.8 percent vacancy rate in Newbury Park due to the huge former Northrop Nor·throp , John Howard 1891-1987. American biochemist. He shared a 1946 Nobel Prize for discovering methods of producing pure enzymes and virus proteins. facility lying empty, the 17.5 percent rate in Moorpark due to the recently vacated Direct Mail facility and the 20 percent vacancy rate at the Channel Islands Business Park in Oxnard. But Preston predicted that in the third quarter, the market for industrial buildings greater than 10,000 square feet will surge as the retail and office sectors have, and could exceed the 2.7 million square feet of space leased or sold in the county last year. ``With some of the deals we have in the pipeline, we think the third quarter is going to increase over the second quarter thereby making the year 2000 equal to or exceeding 1999,'' said Preston. ``I think we've got the deals out there. It'll happen.'' This story also appears in the business section. Ventura County vacancy rates Type 1st quarter 2nd quarter Retail 4.9% 5.1% Office 12% 10.5% Industrial 9.4% 9.8% CB Richard Ellis CAPTION(S): box Box: Ventura County vacancy rates (see test) |
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