the sign of a Profitable Property

Market Report: San Fernando Valley

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 2023

The 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 

Brokering Success

illi Commercial Real Estate sits down with accomplished broker, Xan Saks, to discuss a leasing deal between his client, Aldi, a supermarket chain, and illi-represented Canyon Center of Santa Clarita.

This interview delves into the intricacies of the deal, Aldi’s unique requirements, and the triumphant opening day of the store. It’s a compelling narrative of teamwork and success in the world of commercial real estate, showcasing remarkable achievements obtainable with collaboration.

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