the sign of a Profitable Property

Market Report: San Fernando Valley


Granada Hills, Lake View Terrace, Mission Hills, Pacoima, Porter Ranch, San Fernando, and Sylmar

Rent Rate (sf/mo)

Leasing Activity SF

Vacant Available SF


  • Q1 - 2022
  • Q1 - 2023
  • Q1 - 2024

Leasing Market Overview


The San Fernando Valley retail submarket maintains a combined vacancy rate of 5.3%, showcasing a marginal decrease of 0.1% from the preceding year. Noteworthy is the positive absorption of 45,300 SF, coupled with net deliveries of 6,600 SF, which collectively have spurred a rental uptick of 2.0% over the past 12 months, with current rates averaging at $30.50/SF. Within this landscape, various retail segments exhibit distinct vacancy dynamics, with general retail buildings experiencing a vacancy rate of 4.2%, malls at 1.3%, power centers remaining fully occupied, and strip centers registering a 3.8% vacancy rate. Rent variations persist across asset classes, ranging between $29.50/SF and $34.50/SF, accompanied by diverse growth rates spanning from 2.6% to -0.6%.

Across the submarket, particularly in the Western region, vacancy stands at 5.0%, reflecting recent increases driven by notable vacancies in larger spaces. Despite these localized challenges, rental rates exhibit growth surpassing the metro average over the past year, presenting opportunities for potential lessees. While construction activity remains limited, ongoing developments such as the Vineyards at Porter Ranch, featuring anchor tenants like Whole Foods and AMC Theaters, contribute to the area’s evolving retail landscape. Sales activity has moderated in response to tightening capital market conditions, influenced by fluctuating interest rates, prompting stakeholders to navigate with a strategic lens towards leasing opportunities amidst evolving market dynamics.


No. Signed Date Start Date Address SF Leased Rent/SF/Mo Months on Market Leasing Rep Company
1 Mar-24 Apr-24 16923-16927 Vanowen St 1,200 3.50 9 illi Commercial Real Estate
2 Mar-24 Apr-24 26527-26351 Agoura Rd 1,200 5.00 23 illi Commercial Real Estate
3 Mar-24 Apr-24 10835 Magnolia Blvd 3,200 4.67 14 Marcus & Millichap
4 Feb-24 Mar-24 11352 Ventura Blvd 920 3.26 9 Spectrum Commercial Real Estate…
5 Feb-24 Mar-24 16201-16227 Victory Blvd 2,040 1.90 2 Worthy Properties
6 Feb-24 Mar-24 6800 Balboa Blvd 1,200 1.95 6 illi Commercial Real Estate
7 Feb-24 Mar-24 12908-12910 Riverside Dr 1,885 3.50 2 illi Commercial Real Estate
8 Jan-24 Feb-24 19510-19520 Nordhoff St 1,322 3.00 4 PacWest Management, Inc.
9 Jan-24 Feb-24 18159-18161 Parthenia St 971 2.60 11 illi Commercial Real Estate
10 Jan-24 Feb-24 15301-15321 Ventura Blvd 972 4.00 48 Kennedy-Wilson Properties, Ltd.


Successful Client

illi Commercial Real Estate sits down with passionate restauranteur, Cesar Garcia, to discuss his new location for Papa Juan’s Baja Grill.

Papa Juan’s Baja Grill is a restaurant that has been delighting customers with its delicious, homemade recipes inspired by Baja cuisine. With 14 years of experience in the industry, the owner’s passion for food and dedication to customer service shines through.

Learn about his journey from cooking for friends and family to opening a food truck and brick-and-mortar location. Don’t miss the exciting news about the upcoming Northridge location and the owner’s other restaurant concepts.