With vacancy rates tantalizingly close to the single-digit range across the county’s major cities, landlords continue to raise rates as space dwindles. Overall average asking rates rose to $2.27 per square foot in the second quarter, according to data from Colliers International.

“That’s up approximately 5 percent from one year ago,” said John DeGrinis, a Colliers senior vice president. “For Class A space, average asking rents are nearing $3.00 per square foot and in top-tier buildings as high as $3.65.”

Only Simi Valley/Moorpark at 41.7 percent and Thousand Oaks at 14.5 percent had vacancy rates higher than 10 percent. Simi Valley/Moorpark has been in the 40s for some time. In Thousand Oaks, vacancies rose primarily due to Amgen offering vacant space for sublease, said Tom Dwyer, senior vice president for CB Richard Ellis Group.

Despite those blips, the overall vacancy rate for the entire county was 10.6 percent, up slightly from 9.4 percent in the first quarter and 7.8 percent one year ago. The market is about to see a significant increase in inventory, however, with 489,900 square feet of space under construction in Ventura County and another 400,000 square feet or so in progress in Conejo Valley, portions of which are in Los Angeles County.

But that doesn’t spell relief for tenants in the market this year. “In the meantime, tenants will find it difficult to find space that meets their needs, particularly those looking for large blocks of contiguous space,” DeGrinis noted.

Landlords will benefit from the squeeze in the interim. “The second half of the year will see continued increases in rental rates and overall net absorption into the county,” predicted David Kim, a broker with Lee & Associates.

MAIN EVENTS

– Calther Camarillo LLC acquired the Class A 40,300-square-foot Camarillo Business Center VI at 771 E. Daily Dr. in Camarillo for $11.8 million from Camarillo Daily LLC.

– Mercury Insurance Services LLC, inked a new deal for 29,954 square feet in a five-year lease at $1.95 per square foot including tenant improvements in the Mission Oaks Business park at 5300 Adolfo Rd. in Camarillo.

– Kidney Dialysis Center of Oxnard took 7,830 square feet at 1900 Outlet Center Dr. in Oxnard in a 10-year lease in excess of $2 million.

– Verizon California Inc. entered a new lease with Tishman Speyer Properties for 44,700 square feet at 1 Baxter Way in Westlake Village. The five-year deal was priced at an estimated $2.65 per square foot.

– A 14-acre office park is under construction at Wendy Drive and Old Conejo Road in Newbury Park. Telair Wendy Road LLC will build 31 Class A buildings ranging from 2,700 to 15,000 square feet. The first seven buildings will go online in September, and about half are already sold. Asking rents start at $2.50 per square foot triple-net on a 10-year lease term.

– Opus West announced further details about its 9-acre $35-million project in Camarillo. The 127,050-square-foot development will include a two-story, 54,360-square-foot office building and 13 one-story office condos for sale. The Phoenix-based company paid seller BM Properties $9.5 million for the land. Opus West also is developing the 376,000-square-foot Opus Corporate Center in Westlake Village.

Office Market at a Glance

Inventory:

11.3 million square feet


Under Construction:

489,900 square feet


Class A Asking Rent:

$3

Rents: $3