Commercial office vacancies in Ventura County dropped from 22% to 16% this year as firms from West Los Angeles, the San Fernando Valley and Santa Barbara relocated to take advantage of cheaper rents, real estate industry spokesmen said.
Additionally, an increasing number of Santa Barbara residents are moving to the Ventura area to take advantage of cheaper housing, said Thad Seligman, a vice president and sales manager at Grubb & Ellis' Ventura County office.
"In the next few years, we're going to see more and more companies relocating," said Seligman, whose office this week released a study of commercial, retail and industrial real estate in Ventura County.
He added that commercial vacancies might drop as low as 12% by year's end if demand continues strong. Oxnard's 21-story Union Bank Tower is 65% leased, and more than 600,000 square feet of office space is under construction in the so-called "technology corridor" at the county's eastern tip, the report said.