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
SOURCE: CoStar
- Q4 - 2021
- Q4 - 2022
- Q4 - 2023
Leasing Market Overview
MEASURING Q4 2023The San Fernando Valley (SFV) serves as a suburban retail hub, with a focus on catering to the local population. Distinguished by several large malls, this submarket attracts a diverse range of shoppers, spanning from lower-end dollar stores to high-end luxury retailers. The current vacancy rate stands at 4.4%, maintaining a relatively stable level since 2021. Notably, in 18Q1, the vacancy rate was as low as 3.9%, but recent vacancies include spaces of 10,000 SF and 40,000 SF.
Over the past six months, most leases signed are for spaces measuring less than 10,000 SF, offering rental rates that present a discount compared to the Greater L.A. retail market. Despite this, there has been significant rental growth compared to the metropolitan area over the past year.
SNAPSHOT OF LEASES SIGNED
No. | Signed Date | Start Date | Address | SF Leased | Rent/SF/Mo | Months on Market | Leasing Rep Company |
---|---|---|---|---|---|---|---|
1 | Dec-23 | Jan-24 | 13455 Ventura Blvd | 1,600 | 4.25 | 35 | illi Commercial Real Estate |
2 | Dec-23 | Jan-24 | 17018-17056 Devonshire St | 1,750 | 3.50 | 0 | illi Commercial Real Estate |
3 | Dec-23 | Jan-24 | 17 411 Chatsworth St | 595 | 1.68 | 5 | illi Commercial Real Estate |
4 | Nov-23 | Jan-24 | 6827 Tampa Ave | 5,716 | 1.45 | 1 | Keller Williams Encino/Sherman Oaks |
5 | Nov-23 | Nov-23 | 12265 Ventura Blvd | 1,900 | 2.65 | 14 | Specialized Realty, Inc |
6 | Nov-23 | Jan-24 | 17718-17724 Sherman Way | 1,500 | 1.66 | 3 | JAS Holdings |
7 | Nov-23 | Dec-23 | 4350-4362 Laurel Canyon Blvd | 1,797 | 2.50 | 32 | illi Commercial Real Estate |
8 | Oct-23 | Jan-24 | 6440-6444 Lankershim Blvd | 10,708 | 0.21 | 1 | Keller Williams Encino/Sherman Oaks |
9 | Oct-23 | Nov-23 | 13611-13613 Ventura Blvd | 2,380 | 3.00 | 11 | Pinnacle Estate Properties, Inc |
10 | Oct-23 | Nov-23 | 12429-12443 San Fernando Rd | 2,400 | 1.75 | 1 | illi Commercial Real Estate |
SOURCE: CoStar