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Office vacancies fall

The vacancy rate decline was one of the largest quarterly drops since the beginning of the recession

Posted: March 26, 2013 2:00 a.m.
Updated: March 26, 2013 2:00 a.m.

The economic snapshot report for December 2012 was released by the Santa Clarita Valley Economic Development Corporation – or SCVEDC – on March 21.

One of the bright spots in the report is the falling vacancy rates for office, retail and industrial space, with office vacancy rates showing the best recovery. Industrial vacancy rates have remained very low due to the shortage of inventory, experts said.

Office vacancy rates fell to 13.3 percent in the fourth quarter of 2012, down from 18.2 percent in the third quarter year. Office vacancies had remained very high throughout the recession and this was the first large drop recorded between quarters.

Vacancy rates for retail and industrial space were 6.4 percent and 4.3 percent respectively.

The economic organization also reported that it expects to see 6.5 million square feet of new commercial space within the next few years. The new developments will begin to come online this year, according to Nigel Stout of Jones Lang La Salle.

Residential real estate sales also posted gains over the prior month and from one year ago.

Median home prices increased to $403,500 in December, up nearly 19 percent from the same period in 2011.
Median prices, however, have dropped in the past two months according to data more recently released by the Southland Regional Association of Realtors.

December home sales were up 13.82 percent and 14.29 percent for single-family homes and condominiums over the same period a year ago, according the data reported by the SCVEDC.

Included in the economic snapshot report is film activity in Santa Clarita, which recorded 87 permits and 230 film days in December. Film days were up 31.45 percent from the year prior representing an estimated economic impact of $5.03 million, up 41.08 percent from December 2011.

Santa Clarita’s jobless rate stood at 6.2 percent in December and compared favorably to the state of California, Los Angeles County, Los Angeles city, Glendale, and Pasadena – all of which had higher rates. Unemployment rates were close to double Santa Clarita’s in the Antelope Valley.

Locally, however, the jobless rate rose to 6.7 percent in January, according to the unadjusted numbers released by the California Employment Development Department on Friday, March 22. Numbers for the same regions in the SCVEDC report also all jumped, with the exception of California, which remained unchanged.




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