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 

  • Q1 - 2021
  • Q1 - 2022
  • Q1 - 2023

Leasing Market Overview

MEASURING Q1 2023

San Fernando Valley is a suburban area adjacent to inland Ventura County, where retailers cater to a diverse customer base including a wide range of income, educational attainment, race, and ethnic groups. The vacancy rate in the region has been steady at around 5.5% since the start of 2021, with higher vacancies in malls and power centers.

Recent redevelopments in the Northridge Fashion Center include the opening of Dick’s Sporting Goods, Gold’s Gym, and department store Curacao in the former Sears space, and plans to construct a 350-unit apartment complex on a 4.8-acre site. Leasing activity has mostly been for spaces under 10,000 SF, with discount retailer Five Below recently committing to a 15-year lease of 15,800 SF at the Nordhoff Plaza community center in Northridge.

SNAPSHOT OF LEASES SIGNED

No. Signed Date Start Date Address SF Leased Rent/SF/Mo Months on Market Leasing Rep Company
1 Jan-23 Feb-23 14533   Vanowen St 5,856 1.71 14 illi Commercial Real Estate
2 Jan-23 Feb-23 13872-13880 Foothill Blvd 990 - 13 illi Commercial Real Estate
3 Jan-23 Feb-23 8325-8449 Laurel Canyon Blvd 2,000 0.33 37 illi Commercial Real Estate
4 Feb-23 Mar-23 21615-21625 Devonshire St 2,000 2.5 6 LDM Commercial
5 Feb-23 Mar-23 11112-11160 Balboa Blvd 1,362 3 13 Axiom Retail Advisors
6 Feb-23 Mar-23 21911-21915 Sherman Way 4,500 1 3 Spectrum Commercial Real Estate
7 Feb-23 Mar-23 8803 Baird Ave 3,300 3.65 2 Pinnacle Estate Properties Inc.
8 Mar-23 Apr-23 7816-7834 Balboa Blvd 7,375 2.43 2 Yoram Levy
9 Mar-23 Apr-23 12677 San Fernando Rd 3,800 2 3 Centennial Advisers
10 Mar-23 Apr-23 11460 Porter Ranch Dr. 47,566 2.04 17 Newmark

SOURCE: CoStar 

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Successful Tenants

Meet Phil, owner of Freda’s Pizza & Woodfired Kitchen in Westlake Village, CA. His passion for the craft led him and his partner to create Freda’s Pizza & Woodfired Kitchen, a concept that combines traditional techniques and ingredients with a modern twist.

With a prime location secured, Freda’s Pizza & Woodfired Kitchen was able to hit the ground running and quickly establish itself as a popular destination for pizza lovers.

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