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Ventura Commercial Real Estate In-depth
Ventura offers businesses competitively priced commercial and industrial space. It’s ideally located along Southern California’s high-tech corridor, Ventura commercial space is home to many large companies as well as smaller companies. Another Ventura advantage is its easy access to Los Angeles.
Ventura is home to over 10 mil
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Ventura Commercial Real Estate In-depth
Ventura offers businesses competitively priced commercial and industrial space. It’s ideally located along Southern California’s high-tech corridor, Ventura commercial space is home to many large companies as well as smaller companies. Another Ventura advantage is its easy access to Los Angeles.
Ventura is home to over 10 million square feet of commercial and industrial space, commercial lease rates are generally $1.35-$2.50 per square foot; industrial lease rates range from $0.69-$0.85 per square foot, according to city sources.
Real estate experts show that the office market in Ventura County decreased from 17.3% to 16.9% during the 2nd quarter of 2010. Average rents declined 5.5%, moving from approximately $2.20, Full Service Gross to $2.08, Full Service Gross. The quarter ended with a gross absorption of approximately 330,000 square feet. 145,000 square feet of office space is currently under construction. Overall, the demand for office continues to stay extremely low, the market is still mostly tenant controlled. The job market will continue to be the key component for office space demand.
A large number of retail projects are in the planning and development areas, varying from hotels to shopping centers. Of the 21.6 million square feet of retail space available in Ventura County about 2.2 million square feet or 10.2% is vacant. Retail space in Ventura County increased by 500,000 square feet in 2009, the addition of the Camarillo Outlet Center added another 250,000 square feet.
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