Market Report: San Fernando Valley

Vacancy has expanded consistently over the past two years, with available space accelerating through 2025 and reaching a new high in Q1 2026. This steady increase suggests supply is outpacing absorption. Leasing activity has remained active but uneven, with a strong spike in 2023 followed by more moderate and stable levels through 2024 and 2025. The latest quarter reflects stable leasing volume rather than a clear recovery. Deal counts have remained relatively consistent year over year, indicating continued tenant movement despite rising vacancy. Rent growth peaked in 2025 and has begun to soften slightly in early 2026, signaling increased pricing pressure. Overall, the market shows persistent supply growth with steady but insufficient leasing demand to offset rising availability.