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2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved INDUSTRIAL MARKET REPORT Ventura County 4th Quarter 2016 Produced in partnership with
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
INDUSTRIAL MARKET REPORT
Ventura County 4th Quarter 2016
Produced in partnership with
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
2
Table of Contents and Methodology/Map 2-3
Market Overview 4-5
Statistics by Market 6
Vacancy Rates & Asking Rates 7-8
Leasing & Absorption 9
New Construction 10
Industrial Advisory Board Members 11
Xceligent Team 12
The Ventura County tracked set consists of an inventory of buildings considered to be competitive by the brokerage community. All buildings within the competitive tracked set have been reviewed and verified by members of the Advisory Boards for the market area.
Xceligent is a leading provider of verified commercial real estate information which assists real estate
professionals, appraisers, owners, investors and developers that make strategic decisions to lease, sell,
buy and develop commercial properties.
Table of Contents/
Methodology of Tracked Set
Tracked Inventory (Industrial)
The total square feet of all existing single and multi tenant industrial properties greater than
10,000 sf.
Direct Vacant (sf)
The total of the vacant square footage in a building that is being marketed by an agent
representing the landlord.
Net Absorption
The net change in physically occupied space from quarter to quarter, expressed in square
feet.
Sublease (sf) Space that is offered for lease by a current tenant, or his agent, within a property. Whether
the tenant is paying rent or not, the space is considered vacant only if it is unoccupied.
Total Available (sf)
All of the available leasable space within a building, whether it is occupied or vacant, for
direct lease or sublease space.
Total Vacant (sf)
The total of all of the vacant square footage within a building, including both direct and
sublease space.
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
3
Industrial Market Map
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
4
Overview
Ventura County Industrial Overview
The Ventura County industrial market closed out the fourth quarter of 2016 with 37,576 square feet (sf) of negative net absorption.
Development activity picked up with 215,284 sf of new construction underway.
With a 78,522 sf lease in Oxnard, Meathead Movers signed the largest deal of the quarter.
# of Bldgs Inventory (sf) Total
Available (sf) Total
Vacant (sf) Total
Vacancy Rate (%) Total Quarterly Net
Absorption (sf) YTD Total Net Absorption (sf)
Oxnard/Port Hueneme 517 23,408,570 897,961 635,953 2.7% 6,390 18,122
Ventura 349 9,265,180 368,253 276,236 3.0% -92,743 -58,343
Conejo Valley 318 10,185,707 425,328 98,298 1.0% 21,457 97,082
Moorpark/Simi Valley 313 11,562,279 1,082,064 769,276 6.7% -22,523 73,228
Camarillo 272 10,333,060 837,114 638,918 6.2% 41,128 148,049
Fillmore/Santa Paula 68 2,578,949 38,512 15,374 0.6% 8,715 18,783
Overall 1,837 67,333,745 3,649,232 2,434,055 3.6% -37,576 296,921
# of Bldgs Inventory (sf) Direct
Available (sf) Direct
Vacant (sf) Direct
Vacancy Rate (%) Direct Quarterly
Net Absorption (sf) YTD Direct Net Absorption (sf)
Oxnard/Port Hueneme 517 23,408,570 726,828 612,343 2.6% 6,390 41,732
Ventura 349 9,265,180 368,253 276,236 3.0% -92,743 -58,343
Conejo Valley 318 10,185,707 357,176 98,298 1.0% 19,232 97,082
Moorpark/Simi Valley 313 11,562,279 1,061,064 769,276 6.7% -27,479 73,228
Camarillo 272 10,333,060 829,414 638,918 6.2% 41,128 148,049
Fillmore/Santa Paula 68 2,578,949 38,512 15,374 0.6% 8,715 18,783
Overall 1,837 67,333,745 3,381,247 2,410,445 3.6% -44,757 320,531
# of Bldgs Inventory (sf) Available
Sublease (sf) Sublease
Vacant (sf) Sublease
Vacancy Rate (%) Sublease Quarterly
Absorption (sf) YTD Sublease Net
Absorption (sf)
Oxnard/Port Hueneme 517 23,408,570 171,133 23,610 0.1% 0 -23,610
Ventura 349 9,265,180 0 0 0.0% 0 0
Conejo Valley 318 10,185,707 68,152 0 0.0% 2,225 0
Moorpark/Simi Valley 313 11,562,279 21,000 0 0.0% 4,956 0
Camarillo 272 10,333,060 7,700 0 0.0% 0 0
Fillmore/Santa Paula 68 2,578,949 0 0 0.0% 0 0
Overall 1,837 67,333,745 267,985 23,610 0.0% 7,181 -23,610
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
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Ventura County Industrial Overview
3.3%
3.4%
3.5%
3.6%
3.7%
3.8%
3.9%
4.0%
4.1%
(100,000)
-
100,000
200,000
300,000
400,000
500,000
4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016
Historical Vacancy Rate & Net Absorption
Absorption Vacancy
3.0%
3.2%
3.4%
3.6%
3.8%
4.0%
4.2%
4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016
Historical Vacancy Rates by Use
Whse/Mfg Flex/R&D
(150,000)
(50,000)
50,000
150,000
250,000
350,000
4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016
Historical Net Absorption by Use
Whse/Mfg Flex/R&D
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
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Statistics by Market
# of Bldgs Inventory (sf) Total
Vacant (sf) Sublease
Vacant (sf) Vacancy Rate (%)
Total Quarterly Absorption (sf)
YTD Total Net Absorption (sf)
Camarillo 272 10,333,060 638,918 0 6.2% 41,128 148,049
Whse/Mfg 178 6,706,898 434,172 0 6.5% 38,536 170,271
Flex/R&D 94 3,626,162 204,746 0 5.6% 2,592 -22,222
Conejo Valley 318 10,185,707 98,298 0 1.0% 21,457 97,082
Whse/Mfg 255 6,744,558 56,361 0 0.8% 17,845 66,597
Flex/R&D 63 3,441,149 41,937 0 1.2% 3,612 30,485
Fillmore/Santa Paula 68 2,578,949 15,374 0 0.6% 8,715 18,783
Whse/Mfg 61 2,453,931 15,374 0 0.6% 8,715 18,783
Flex/R&D 7 125,018 0 0 0.0% 0 0
Moorpark/Simi Valley 313 11,562,279 769,276 0 6.7% -22,523 73,228
Whse/Mfg 213 8,172,959 518,441 0 6.3% 72,410 108,571
Flex/R&D 100 3,389,320 250,835 0 7.4% -94,933 -35,343
Oxnard/Port Hueneme 517 23,408,570 635,953 23,610 2.7% 6,390 18,122
Whse/Mfg 424 20,189,580 612,246 23,610 3.0% -4,836 -38,158
Flex/R&D 93 3,218,990 23,707 0 0.7% 11,226 56,280
Ventura 349 9,265,180 276,236 0 3.0% -92,743 -58,343
Whse/Mfg 305 8,134,829 266,424 0 3.3% -101,796 -81,942
Flex/R&D 44 1,130,351 9,812 0 0.9% 9,053 23,599
Overall 1,837 67,333,745 2,434,055 23,610 3.6% -37,576 296,921
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
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Vacancy Rates & Asking Rates
Vacancy Rate %
4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016
Camarillo 7.6% 7.9% 7.8% 6.6% 6.2%
Whse/Mfg 9.0% 9.0% 9.0% 7.0% 6.5%
Flex/R&D 5.0% 6.0% 5.6% 5.7% 5.6%
Conejo Valley 1.9% 1.8% 1.6% 1.2% 1.0%
Whse/Mfg 1.8% 1.6% 1.4% 1.1% 0.8%
Flex/R&D 2.1% 2.1% 1.9% 1.3% 1.2%
Moorpark/Simi Valley 6.9% 6.7% 7.1% 6.5% 6.7%
Whse/Mfg 7.2% 7.2% 7.8% 7.2% 6.3%
Flex/R&D 6.4% 5.4% 5.3% 4.6% 7.4%
Oxnard/Port Hueneme 2.8% 3.0% 2.9% 2.7% 2.7%
Whse/Mfg 2.8% 3.2% 3.1% 3.0% 3.0%
Flex/R&D 2.5% 2.0% 1.4% 1.1% 0.7%
Ventura 2.4% 2.2% 2.1% 2.0% 3.0%
Whse/Mfg 2.3% 2.1% 2.1% 2.0% 3.3%
Flex/R&D 3.0% 3.1% 2.5% 1.7% 0.9%
Fillmore/Santa Paula - - 1.1% 0.9% 0.6%
Whse/Mfg - - 1.1% 1.0% 0.6%
Flex/R&D - - - - -
Overall 3.9% 4.0% 4.0% 3.6% 3.6%
Weighted Average Asking Rent (NNN)
4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016
Camarillo $0.57 $0.57 $0.59 $0.57 $0.57
Conejo Valley $0.86 $0.91 $0.98 $1.13 $1.03
Fillmore/Santa Paula $0.68 $0.75 $0.75 - -
Moorpark/Simi Valley $0.55 $0.56 $0.56 $0.55 $0.54
Oxnard/Port Hueneme $0.53 $0.57 $0.55 $0.53 $0.57
Ventura $0.54 $0.54 $0.55 $0.55 $0.55
Overall $0.59 $0.60 $0.59 $0.58 $0.61
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
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Vacancy Rates & Asking Rates
1.0%
6.7%
3.0%
6.2%
2.7%
0.6%
Conejo Valley Moorpark/Simi
ValleyVentura Camarillo Oxnard/Port
HuenemeFillmore/Santa
Paula
Vacancy Rate by Market
$1.03
$0.54 $0.55 $0.57 $0.57
Conejo Valley Moorpark/Simi Valley Ventura Camarillo Oxnard/Port Hueneme
Weighted Average Asking Rent by Market (NNN)
$0.39 $0.40
$1.55
$1.35
$0.60 $0.67
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
Whse/Mfg Flex/R&D
Asking Rent Range by Use (NNN)
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
9
Leasing & Absorption
Largest Leases & Absorption Changes
Property Name Occupied or Vacated (sf)
Tenant Name Submarket Specific Use
1401 Maulhardt Ave, Oxnard (Unit A) 78,522 Meathead Movers Oxnard Whse/Mfg
2325 Statham Blvd, Oxnard (Unit C) 38,880 Dixieline Oxnard Whse/Mfg
3233 E Mission Oaks Blvd, Camarillo (Unit B) 28,860 Pure Distribtion Camarillo Whse/Mfg
1250 Rancho Conejo Blvd, Thousand Oaks 23,668 United Wholesale Thousand Oaks Whse/Mfg
2345 Statham Blvd, Oxnard -34,560 Diversified Panel Systems, Inc. Oxnard Whse/Mfg
3200 Golf Course Dr, Ventura -91,135 Artistica Metal Designs Ventura Whse/Mfg
101 W Cochran St, Simi Valey -103,075 Adventist Church Simi Valley Flex/R&D
Top Transactions
Property Name Sale Price Sold (sf) Buyer Seller Submarket Specific Use
2100 Eastman Ave, Oxnard $11,750,000 91,950 Goodrich Hazlet LLC BLT Enterprises Inc Oxnard Whse/Mfg
2279 Ward Ave, Simi Valley $5,150,000 42,961 Bedrosian Family Trust Cooga LLC Simi Valley Whse/Mfg
101 Bernoulli Cir, Oxnard $1,910,000 16,914 SNK Properties LLC Nirvana Trust Oxnard Flex/R&D
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
10
New Construction
74,254
141,030
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Conejo Valley Moorpark/Simi Valley
Current Construction by Submarket
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
11
Industrial Advisory Board Members
Ventura County
CBRE Bob Boyer
Paul Farry
Colliers International Patrick DuRoss
Daum Commercial Mike Walsh
Bram White
Lee & Associates Mike Tingus
Grant Harris
John Ochoa
2016 Q4 Market Trends © 2017 by Xceligent, Inc. All Rights Reserved
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This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we
have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to
independently confirm its accuracy. For more information, please contact :
Xceligent Ventura County Team
Produced in partnership with
Matt Nelson Director of Analytics 714-509-1404 [email protected]
Monique Ebel Director of Research 714-538-8432 [email protected]
Mike Foxworthy VP of National Accounts 805-807-6291 [email protected]
Rebecca Johnson Sales Executive - San Fernando Valley/
Ventura County 310-663-0184 [email protected]
Tim Hayes Executive Director - AIR 213-687-8777 [email protected]
Brad Hauser VP of Analytics - Western Region 281-782-3944 [email protected]
