It seems the Santa Clarita Valley market can’t catch a break.

It has been weak for years as developers, builders and other related businesses closed up shop after the housing bust. But in 2011 it seemed like it was finally going to turn the corner. Indeed, the vacancy rate fell over the past 12 months by more than four points to 23.4 percent, according to Jones Lang LaSalle Inc.

In the fourth quarter, though, the market softened, and it could get even worse as Princess Cruises terminates a large lease.

The Santa Clarita-based cruise operator will be vacating 49,750 square feet this fall in Gateway Plaza, 25360 Magic Mountain Parkway, and plans not to renew a second lease at the same address when it expires in 2013.

The moves do not involve layoffs, the company said, but will consolidate the cruise lines’ 2,000 administrative employees into its existing 270,000 square feet in four buildings at the Westfield Valencia Town Center, where it renewed a 15-year lease.

Kevin Fenenbock, a senior vice president at Colliers International in Valencia, said that while some smaller companies are growing, he’s worried that there isn’t enough demand to fill that large amount of space.

“A lot of (tenants) are kicking tires, looking around laterally and then ultimately renewing their existing leases. Some are willing to take a step down in class in order to save some money in the short term,” he said.

So where is the growth coming from? Fenenbock cited self-employed professionals who are beginning to hire and move out of spare bedrooms into 1,500-square-foot office spaces.

“The trends are going in the right direction, though they are typically looking at short-term deals. That’s fantastic for landlords, of course, who can fill a space for a year or two without a lot of capital investment,” he said.

Ryan House, a vice president specializing in the L.A. north market at Jones Lang LaSalle, is more optimistic, despite Princess Cruises weighing anchor.

“I think we could see about a 5 percent decrease in the vacancy rate,” he said.

With higher demand, House said he expects Class A asking rents, which fell six cents from $2.49 to $2.43 since the third quarter, to remain where they are. He noted landlords have drawn a line in the sand in terms of further decreases.

MAIN EVENTS

• CW Capital sold a 43,400-square-foot Valencia building to Omninet Capital for $5.4 million, or $124 per square foot. The property, at 23822 W. Valencia Blvd., houses 30 small tenants.

• CW Capital 23822 W. Valencia Blvd., Valencia to Omninet Capital for $5.4 million, or $124 a square foot. The 43,400-square-foot building houses 30 small tenants, including offices for physicians, escrow companies and insurance agents.  

• Princess Cruises has decided to consolidate its 2,000 Santa Clarita employees into its headquarters at Westfield Valencia Town Center, where it recently renewed a 15-year lease. It will not renew a nearly 50,000-square-foot lease at Gateway Plaza, 25360 Magic Mountain Parkway, when it comes up this year, nor will it renew a second lease on the same property that is due in 2013. The move will bring the company’s operational, finance and revenue staff into its main offices.

• Web design firm Scorpion Design expanded its headquarters at 28480 Avenue Stanford in Valencia in late October. The company added 4,500 feet for a total of 13,000 from landlord San Diego-based Pacific Office Properties. Scorpion Design was one of last year’s fastest-growing companies.

• Action Family Counseling Inc., a substance abuse treatment center, has leased space in the former Santa Clarita Water District building at 26893 Bouquet Canyon Road in Saugus. Others competitors for the lease included churches, day-care centers and a charter school. The water district bought a building in Centre Pointe Industrial Park in 2010.