|
|
Article: Santa Clarita: 'out-migration' from valley comes to a halt.(REAL ESTATE QUARTERLY)
- Article from:
- Los Angeles Business Journal
- Article date:
- January 26, 2009
- Author:
CopyrightCOPYRIGHT 2009 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The Santa Clarita office market finished 2008 with the second-highest vacancy rate in L.A. County, 24.1 percent, up nearly two percentage points from the previous quarter.
Annual net absorption, which had been clicking along at 175,000 square feet for most of the last decade, closed out in the red, at 59,613 square feet, according to Grubb & Ellis Co.
"Santa Clarita is suffering because it's always thrived from out-migration from the San Fernando Valley and beyond, and that migration has come to a halt," noted Jim Lindvall, managing director with Jones Lang LaSalle Americas.
The Valenciabased broker has been trying to lease the former ...