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Ventura Office Space In-depth
Ventura is the largest city and county seat of Ventura County, California. The city is located roughly 65 miles northwest of Los Angeles making Ventura office space a logical alternative for those companies that want to avoid the hustle and bustle of Los Angeles, but need to access it quickly. Father Junípero Serra founded Mission San Buenaventura in 178... Read More
Ventura Office Space In-depth
Ventura is the largest city and county seat of Ventura County, California. The city is located roughly 65 miles northwest of Los Angeles making Ventura office space a logical alternative for those companies that want to avoid the hustle and bustle of Los Angeles, but need to access it quickly. Father Junípero Serra founded Mission San Buenaventura in 1782, forming the basis of what would become the city of Ventura. For most of the 1800’s, Ventura was an isolated city that was not easily accessible. Oil was discovered in Ventura in the late 1800’s and at one point Ventura’s main oil field was producing 90,000 barrels of crude per day. Ventura is located between the Ventura River and the Santa Clara River and sits on soil so fertile that citrus fruits became the area’s main agricultural product. The citrus farmers of Ventura formed Sunkist Growers, Incorporated - the world's largest organization of citrus production.
Ventura grew slowly until the competition of a 4 lane freeway (US Hwy 101) connecting it to the greater Los Angeles metropolitan area in 1959 and thus remained a largely agricultural based economy. In 1950, Ventura had a population of just over 16,000 and today the population is just over 106,000 residents. Ventura is home to a diverse and active downtown where thrift stores and high-end retail shops and restaurants can be found on the same street. The Ventura Harbor is home to a robust fishing industry, popular seafood restaurants, and the shopping village at Ventura Harbor Village. As of the 2000 census, the city’s median income was $52,298. Up until the economic crisis of 2008-2009, the Ventura office space market conditions could only be categorized as an owner’s market as office vacancy rates were under 8% for most of 2006 and 2007.
However, with the drastic slowdown in the national economy and the ensuing credit crisis, office space in Ventura vacancy rates now hover over 15.1% and continue to climb which drives rental rates lower. Thus, for those companies with strong credit and cash flow, now is an excellent time to purchase Ventura office space for sale or to rent Ventura office space for lease. In Q4 2008, average asking rental rates decreased for the third consecutive quarter to $2.50 per square foot per month Full Service Gross (FSG) and this number is sure to decrease further as the economy continues to shrink. With leasing activity at an all-time low and landlords hungry for tenants, perhaps now is the most opportune time to lease Ventura office space if your company is in a position to do so.
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