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Leasing Rises in Ventura, So Do Vacancies

August 16, 1987

Commercial office leasing activity resulted in a total of 404,695 square feet being absorbed during the first half of this year in Ventura County, more than double the 183,870 square feet leased for all of 1986, according to Grubb & Ellis Commercial Brokerage Services.

New construction was also largely responsible for an increase in office vacancy rates in Ventura County from 18% in January to 21% in June, according to James Gloyd of the Ventura office of Grubb & Ellis.

Much of the leasing activity can be attributed to the 21-story, 311,000-square-foot Union Bank Tower in Oxnard, the county's largest, tallest and newest office building.

Developed by Martin V. Smith & Associates, the building alongside the Ventura Freeway opened last April with 60% of its space committed.

For the Record
Los Angeles Times Sunday August 23, 1987 Home Edition Real Estate Part 8 Page 7 Column 1 Real Estate Desk 1 inches; 24 words Type of Material: Correction
In some issues of the Aug. 16 real estate section, the name of the developer of Town Center in Oxnard was misstated. The developer is Robert P. Warmington & Co. of Costa Mesa.

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