Westlake Village Office For Lease - North Ranch Atrium Suite 234

The North Ranch Atrium in Westlake Village has a variety of office spaces for lease. Suite 234 is a unique 2 story office unit with balcony.  The office space has vaulted ceilings and beautiful windowline with open area. The space has 2 private offices or conference room, reception area, storage closet, built-in cabinets and much more. The office suite is turn-key ready for a private practice, small business or locally based organization looking for a professional office for lease in Westlake Village.

Westlake Village Office For Lease - North Ranch Atrium Suite 230

The North Ranch Atrium in Westlake Village offers a professional office suite available for lease.  The entrance faces the tranquil atrium with lush landscaping and water features. The inviting reception area is combined with an open bullpen area or flexible creative space. There are 2 private windowed offices and 1 interior office or conference room. As a additional feature, the unit also has a private restroom.  The efficient office space is perfect for a professional business or organization looking to rent office space in Westlake Village.

Thousand Oaks Medical Office - 425 Haaland Drive

425 Haaland Drive in Thousand Oaks is contemporary medical office building for lease. One of several medical offices located in the Rolling Oaks Medical Center located just south of the 101 Freeway.  A great network of physicians in this medical campus in addition to the Thousand Oaks Surgical Hospital.

Thousand Oaks Medical Office for Lease - 375 E. Rolling Oaks Drive

375 E. Rolling Oaks Drive is part of the larger Thousand Oaks medical campus called the Rolling Oaks Medical Center. One of the premier Class A medical office buildings in the Conejo Valley.

http://www.thousandoaksmedicaloffice.com/

Thousand Oaks Medical Office For Lease - Rolling Oaks Medical Center

The Rolling Oaks Medical Center is a Class "A" Medical Office campus in Thousand Oaks. The campus has several medical office buildings with a diverse mix of health care specialists. 375 & 415 E. Rolling Oaks Drive and 425 Haaland Drive make up 3 of the buildings within the medical center and offers several available medical suites for lease. The location has a built-in network of physicians and houses the Thousand Oaks Medical Hospital, part of the Los Robles Hospital and Medical Center.  Located in the beautiful rolling hills of Thousand Oaks, the property has convenient access to the 101 Freeway.

http://www.thousandoaksmedicaloffice.com/

Q1 2015 Office And Industrial Market Report San Fernando Valley

Vacancies Edge Up a Bit While Institutional buyers Drive a 17% Increase in Sales Prices

Office vacancies have remained in the 13 percent range for three straight quarters now, an improvement of 110 basis points (bps) from Q1 2014.

In Q1 2015, the vacancy rate was 13.7 percent, somewhat higher than last quarter’s 13.4 percent vacancy due in part to large chunks of office space that became available. In Sherman Oaks, for example, three spaces totaling 44,484-square-feet became available at 15260 Ventura Blvd., and four spaces totaling about 67,000 square feet including one measuring 25,204 square feet became available at 15301 Ventura Blvd. In Woodland Hills, a 27,694-square-foot space became available at LNR Warner Center and a 17,985-square-foot space became available at The Trillium in Woodland Hills.

Though still in positive territory, absorption slowed to 69,200 square feet, compared to 156,947 square feet in the prior quarter and 87,195 square feet of net leased space in the year-ago period. It should be noted that absorption has remained positive for nearly every quarter over the past three years.

Although not reflected in the data as yet, we have seen a significant uptick in activity recently, and job growth forecasts suggest that vacancy levels and absorption will post more significant improvements as the year progresses. A just-released forecast by Loyola Marymount University and Beacon Economics projects that Los Angeles County will add 75,000 jobs in 2015, amounting to a 1.7 percent rate of growth, just short of the 2 percent growth rate economists described as ‘robust’ last year. The unemployment rate is expected to decline to 7.3 percent by year end.

Sales activity in the quarter was robust, with 18 buildings changing hands including several institutional sales. The activity drove the median sale price up nearly 17 percent to $245 per square foot compared to the prior quarter and 36 percent higher than the year ago period. Among the quarter’s transactions was a Valencia medical office building acquired in a 97-building portfolio deal by Select Income REIT and sold on the same day to Senior Housing Properties Trust. Also among the quarter’s transactions was the sale of the Dreamworks campus in Glendale.

Sales and Prices Skyrocket and Asking Lease Rate Rise as Options for Tenants Shrink

 Industrial sales activity took off like a rocket in Q1. There were 60 industrial buildings sold in the first quarter of the year, more than half the number of buildings sold in all of 2014.

The large number of sales is in part due to a portfolio sale that included 22 San Fernan­do Valley properties, accounting for nearly 37 percent of all the buildings sold in the quarter. Global Logistic Properties Ltd., Sin­gapore, acquired 22 industrial buildings to­taling 651,794 sf in Chatsworth, North Holly­wood and Sun Valley. The Valley transactions were part of a 1,073-building, national port­folio that was sold by The Blackstone Group LP for just over $8 billion. In another of the transactions that took place in the quarter, Ikea acquired 13 industrial buildings total­ing 402,919 sf to build its new mega-store in Burbank.

The Ikea transaction aside – it will effectively remove 400,000 sf of industrial buildings from the Burbank marketplace – the high level of sale activity mirrors what is happen­ing nationally in the industrial real estate market.

Across the country, industrial investments have become a hot commodity pushing up values 17.8 percent over the past 12-month period, more than any other product type, according to Moody’s/RCA. The interest is nearly as strong for industrial properties in suburban markets, the report found.

The institutional transactions in the LA North region pushed the median sale price to $143 per sf in the quarter, up 25 percent com­pared to Q4, 2014 and a 10 percent increase over the median sale price of $130 per sf a year ago.

Vacancy rates fell another 20 basis points (bps) to 2.4 percent, and lease rates rose to $0.69 per sf, $0.02 higher than the prior quarter and an increase of 11 percent over the year-ago period.

Despite the tight market, 333,600 sf of in­dustrial space was absorbed in the quarter, nearly 201,000 more square feet compared to Q4, but well below the 824,385 sf leased on a net basis in the year-ago period.

The lack of available space was more evi­dent in the decline in leasing activity. Just 908,860 sf were leased in the first quarter, a 44 percent decline over Q4 2014 when 1,615,906 sf of industrial space was leased, and 34 percent less than the year ago period when 1,382,803 sf of space was leased.

Northridge Warehouse for Lease

18555 Eddy Street in Northridge is a freestanding industrial warehouse for lease. The steel frame structure, concrete block and corrugated metal building is approximately +/- 7,040 SF. This Northridge warehouse has one large 14x14 ground level electrical roll up door and one 14x14 sliding door that leads into a private and gated outdoor area. The minimum building clearance is 14 ft. from the sides and up to 24 ft at the center. This Northridge warehouse has approximately 6,000 SF of warehouse space with the remaining balance of highly improved modern office space on two floors. Power – 200A 120-240V 3Ph(Verify). There are 4 restrooms, 2 separate entrances, storage room, reception area, kitchen area, open bullpen space, and several private offices. The image and environment is creative and has unique qualities as compared to other traditional Northridge, Chatsworth and Canoga Park industrial buildings. Very creative space with modern offices and airplane hanger feel warehouse space.

Located in the State Enterprise Zone, this Northridge industrial warehouse has pole signage and abundant street parking and on a cul-de-sac.  This Northridge industrial building is zoned commercial manufacturing (CM) http://www.amlegal.com/nxt/gateway.dll/California/lapz/municipalcodechapteriplanningandzoningco/chapterigeneralprovisionsandzoning/article2specificplanning-zoningcomprehen/sec12171cmcommercialmanufacturingzone?f=templates$fn=default.htm$3.0$vid=amlegal:lapz_ca$anc allowing for  a wide range of uses.      

18555 Eddy Street, Northridge is located between Amigo Avenue and Baird Avenue with the closest major intersection at Reseda Boulevard and Parthenia Street, Nordhoff Street to the North and Roscoe Boulevard to the South, Tampa Avenue to the West and Balboa Boulevard to the East.  Other close located streets are Yolanda Avenue and Rayen Street.

Businesses in the area include automotive (auto body, restoration, service center and tires), tile and marble, steel and construction, self-storage, food and services, plumbing, electrical, remediation and a variety of other uses.

Q2 2014 Office and Industrial Report San Fernando Valley

A Surge in Leasing Activity and Marked Improvement in Employment Drives Vacancies Down and Lease Rates Up

Another surge of leasing activity and marked improvement in employment levels drove office vacancy rates down to 15.5 percent in the second quarter compared to 15.8 percent in the prior period. Vacancy has improved by 150 basis points (bps) compared to the year-ago period.

There were 1,355,898 square feet leased in the quarter, up nearly 20 percent over the prior quarter although 365,762 square feet less than the space leased in the year-ago period. Velocity declined 18 percent from the first half of 2013 as well. A total of 2,492,863 square feet was leased in the first half of 2014 versus 3,039,301 square feet leased in the first half of 2013.

But the modest slowdown comes as lease rates show increasing strength. The average lease rate in Q2 was $2.27 per square foot, up $0.03 per square foot from the prior quarter and $0.05 per square foot compared to the year-ago period. Indeed, much of the pressure landlords were feeling to lease their buildings last year has subsided, and the average asking rate in the current quarter is the highest we have seen in the market since the fourth quarter of 2010.

It should be noted however, that average asking rates are still16.5 percent off their highs of $2.72 per square foot in Q2 2008

Absorption has been positive for the past four quarters with another 210,100 square feet absorbed on a net basis in Q2. This follows a Q1 absorption rate of just 59,131 square feet and a significant improvement from the year ago period when 179,715 fewer square feet were leased than were vacated.

Median sale prices for office buildings have been trending upward for the past three quarters and registered $196 per square foot in Q2 with a total of 10 buildings sold. Including distressed sales and those for which no sale price was reported, the median price was $230 per square foot with a total of 12 building sales.

Year to date the median price of buildings sold in the region was $190 per square foot. There were 22 office buildings sold in the period. Prices have risen 6 percent compared to 2013 when the median price of buildings sold was $179 per square foot.

 Industrial Vacancies Continue to Fall and Sales Momentum Builds

 Vacancy levels in the Los Angeles North in­dustrial market fell even further and the steady pace of absorption continued in the second quarter.

Vacancies declined to 3.4 percent in the quarter, down 20 basis points (bps) from the prior period and 110 bps compared to the year-ago period. Nine of the area’s 13 sub­markets are now showing vacancy levels be­low 3 percent leaving few options for tenants looking for industrial space.

Absorption has been very strong, and in Q2 2014 354,300 square feet was leased on a net basis. By comparison, 423,752 fewer square feet were leased than were vacated in the second quarter of 2013. For the year to date, 1,034,000 square feet of space was absorbed versus 233,723 square feet of ab­sorption in the first half of 2013.

With the steady pace of improvement, land­lords are beginning to increase rents. After more than two years with little change in lease rates, the average rate rose by $0.02 per square foot compared to the prior three quarters to $0.64 per square foot and by $0.03 per square foot versus the year ago period. The last time average lease rates were $0.64 was the third quarter of 2009.

While rock-bottom vacancy levels and expec­tations that lease rates will continue to rise are fueling investment activity, the shortage of suitable buildings is spurring more busi­ness owners to opt for purchasing rather than leasing their space. In the year-to-date period 42 industrial buildings were sold at a median price of $128 per square foot, an in­crease of 17 percent in the price of buildings sold compared to 2013. Sale prices have risen 28 percent over the past two years.

For the most recent quarter, 19 buildings were sold at a median price of $120 per square foot. Including distressed properties and those for which no sale price was report­ed, 25 buildings were sold at a median price of $119.

Much has been written recently about the constrained supply for industrial buildings, and nowhere is that more true than in the Los Angeles North market. The conversion of much of the area’s manufacturing real estate to multifamily or retail space and scarcity of raw land has left few opportunities for the development of new inventory, and a mere 59,000 square feet of new industrial con­struction is currently underway.

Q 1 2014 Office and Industrial Market Report San Fernando Valley

Q1 2014

Market Moves a Tad Slower in Quarter, But Longer Term Trends Remain Positive

The Los Angeles North office market quieted down somewhat in the first quarter, although leasing activity continued to exceed 1 million SF.

Vacancy levels remained unchanged at 16.2 percent compared to the fourth quarter, and have fallen nearly 100 basis points (bps) compared to vacancies of 17.1 percent in the same period last year.

Just over 1 million SF of office space was leased in the quarter, about 38 percent less than the 1,624,000 SF leased in Q4 and down from the year ago period as well. The slowdown in velocity seems to have impacted absorption during the quarter, but it’s equally important to note that leasing has been strong now for the past nine quarters, an indication that the recovery in the office market is proceeding at a pace consistent with the economic growth we are seeing.

Only 31,200 SF of space was leased on a net basis during the quarter, down significantly from Q4 when net absorption totaled 298,035 SF. However, over the past 12 months, 504,000 SF of space has been leased on a net basis, amounting to a solid 1.1 percent growth in occupied space over that period.

With that level of progress, developers are reentering the market. Although the 200,000 SF of office space currently under construction is probably insufficient to make any real impact on available inventory, it is indicative of a return of confidence. Not to be overlooked, Laurel Canyon Plaza, a 90,000 square foot office building in North Hollywood and a neighboring retail building, was acquired by Goldstein Planting Investments for redevelopment.

Indeed, the Allen Matkins/UCLA Anderson Forecast Commercial Real Estate Survey released late in January showed that sentiment in the office market is highest in Southern California. About 70 percent of the survey respondents in the region said they planned to commence one or more projects within the next 12 months.

Sales activity too slowed in the quarter with just 10 sales taking place, compared with 19 in the year-ago period. With fewer transactions, the median price of office buildings sold declined to $205 PSF in Q1 from $257 PSF in Q4 and $212 PSF in Q1, 2013. Still, several trophy properties changed hands including Tower Burbank and Westlake Park Place.

Industrial Absorption Rises to Pre-Recession Levels and Vacancies Fall Below 4 Percent

Following four quarters of robust leasing activity, absorption has risen to pre-recession levels and vacancy has fallen to the lowest levels the market has seen since 2009.

With little new construction and a resurgence of demand for industrial space, the upward trajectory of the Los Angeles North industrial market seems here to stay, at least for the time being.

Some 1,100,404 SF of industrial space was leased in the quarter, bringing vacancy levels down to 3.8 percent, the first time vacancies have fallen below 4 percent since the fourth quarter of 2009. Current vacancy levels have fallen 40 basis points (bps) compared with the prior quarter and year ago period, which both registered vacancies of 4.2 percent.

Not surprisingly, leasing velocity has slowed somewhat from the prior quarter when 1,475,538 SF of space was leased, as well as the year ago period when 1,824,794 SF was leased as options for businesses become extremely constrained. Eight of the 13 Los Angeles North submarkets now are operating with vacancy levels below 3 percent. In the North Hollywood/Universal City submarket, vacancy is 0.9 percent. In Northridge it is 1.2 percent and in Reseda/Tarzana it is 1.5 percent. Only the Antelope and Santa Clarita valleys show vacancy rates above 5 percent.

On a net basis, some 625,600 SF of industrial space was leased, more than in any quarter since the first quarter of 2006 when 645,688 SF of space was absorbed. Admittedly, we are still seeing some fluctuation in absorption rates, and negative 135,923 SF was registered in Q4, but given the solid leasing activity, the volatility is more likely due to the lapsed time between space leased and occupied.

Similarly the sales sector was more active than it has been in any first quarter since 2009 with 23 industrial buildings changing hands in the quarter. The median sale price rose 19 percent to $130 per square foot, compared with $109 per square foot in Q4.

Although there are still some distressed assets being cleared in the region, their numbers are minimal. In the current quarter, just two distressed properties changed hands, compared to six in the first quarter of 2013.

Woodland Hills Office - Carlton Plaza Impressive Lobby

Carlton Plaza office in Woodland Hills welcomes you to the newly remodeled lobby. The moment you step inside this class A office building, the modern décor welcomes you and your guests to Woodland Hills premier office building on Ventura Boulevard.

Carlton Plaza office in Woodland Hills understands that managing office building in the most efficient way mutually benefits both office tenants and landlords.  We pride ourselves in keeping up with the latest knowledge and practical applications in modern building technologies and infrastructure.  In the remodeling process of the lobby, healthy indoor environments was to be priority on the list of recognized points of interest.  Our human senses play a large role in determining the quality of our environment.  Visually, the lobby’s natural color tones and touches of wood elements with natural lighting against the white seating areas and dark accents, creates a smooth transition from outdoors to an indoor environment. The high ceilings at the entrance creates efficient utilization of useable space with a sense of more open space than actual.  The modern touches of building lighting that project soft light tones blends with the natural lighting in an efficient manner.  Also to include, the latest addition was the interactive touchscreen building directory.  The digital directory is an efficient system informing and managing visitors to navigate though the tenant directory, management, leasing contacts, and additional amenities available in the building.  We hope to see you on your next visitation or leasing opportunities as they arise.

http://woodlandhillsoffice.com/2013/09/28/carlton-plaza-office-woodland-hills-office-impressive-lobby-ventura-boulevard/

http://woodlandhillsoffice.com/2013/04/16/carlton-plaza-office-new-lobby-new-look/

What is happening in the office leasing market?

I recently attended a round table lunch discussion with Douglas Emmett in Woodland Hills. The meeting took place in their last remaining full floor availability at the Warner Corporate Center near Victory Boulevard and Canoga Avenue. The office space presented very well while the views of Warner Center was clear as day utilizing the office’s full window line and natural lighting. The turnout among active brokers in the area was successful and the discussion moderated by David Hitzel (Regional Manager –Leasing) from Douglas Emmett was very informative as majority of the brokers affirmed the general consensus about Tenants and Landlords in the marketplace.

“We are seeing that Landlords are giving less concession while larger Tenants have fewer choices.” (Broker)

The pace of demand for office space the San Fernando Valley is being funneled from the west Los Angeles markets. The east and central valley including Studio City, Sherman Oaks and Encino continues to see very strong demand while the west valley is still catching up. The tech boom in the west Los Angeles markets has lead way to fewer options of quality office spaces to lease.  As a direct result, Tenants are looking to the central valley along the 405 and 101 corridors as available office spaces are slim. This has resulted in a higher demand for office space and increased rental rates in those areas.

“We expected to see this improving trend towards the Woodland Hills market as the demand for office space continues to extend down the 101 freeway.” (Broker)

“Still we haven’t notice any large hiring in the local area.”(Broker)  Although the office momentum seems positive, new full time job creation continues to be sluggish as this continues to be a major concern for real growth in the local economy.

Q1 2013 San Fernando Valley Industrial Market Report

Q1 2013 San Fernando Valley Industrial Market Report (Click Here)

Q1 2013 San Fernando Valley Office Market Report

Q1 2013 San Fernando Valley Office Market Report (Click Here)

West Hills School Campus Available for Lease - Classroom Tour

A unique opportunity to lease a West Hills school campus. The school campus is comprised of multiple buildings with a variety of uses and flexibility. Additional space can also be available for lease. The West Hills school campus is set up with administration offices and classrooms that have a variety of uses. This beautiful West Hills school campus offers strong demographics, abundant parking, secured access, outdoor activity areas and well manicured landscaping. Please do not disturb the tenant. Tours are by scheduled appointments only. For more leasing information or to schedule a tour, please contact Lee & Associates -- LA North/Ventura, Inc., Eric Nishimoto 818.444.4984

Woodland HIlls Office For Lease - Carlton Plaza Office Ground Floor Space Available for Rent - Suite 105

Office suite 105 at Carlton Plaza Office is located right off the main entrance. The remodeled lobby will serve as the grand entrance to the building with office suite 105 to the right.  The double door glass entrance in addition to the wonderful window line in the main reception adds a warm welcome to all guests visiting the space. The existing space now offers multiple private office suites, conference rooms, reception area, filing and storage, IT room, open bullpen and plumbing for the kitchen and several other spaces.

Q4 2012 San Fernando Valley Industrial Market Report

Q4 2012 San Fernando Valley Industrial Market Report (Click Here)

Woodland Hills Office Duplex For Sale - 21051 Costanso St, Woodland Hills

Q3 2012 San Fernando Valley Office Market Report

Q3 2012 San Fernando Valley Office Market Report (Click Here)

Q3 2012 San Fernando Valley Industrial Market Report

Q3 2012 San Fernando Valley Industrial Markert Report (Click Here)

Rent Woodland Hills Office - Carlton Plaza Spec Suite Available for Lease

Carlton Plaza Office in Woodland Hills offers turn key spec suites ready for move in. This fine example displays the types of building standard finishes from top to bottom.  At Carlton Plaza Office, our spec suites will certainly give any new tenant the assurance of a most professional image quality. We pride ourselves in providing the most functional and image conscious office layouts.