Major events in Los Angeles County commercial and industrial submarkets in the second quarter.

There were faint signs of life in the Santa Clarita Valley in the second quarter, but the market was hardly robust.

Roughly 18,000 square feet of space was absorbed, lowering the vacancy rate by more than a half-point. But it still stood at a sky-high 22.8 percent, according to Grubb & Ellis Co.

Kevin Fenenbock, a senior vice president at Colliers International, said a number of small deals and lease renewals had only a small effect on the overall market.

“There’s really not a major industry type out here that’s in growth mode right now,” he said. “Most of the moves that we’re seeing are pretty lateral. They’re not downsizing but they’re not growing.”

Asking rents in the valley – a hotbed for home builders such as KB Homes and Centex before the housing bust – weakened, falling 2 cents to $2.52 since the beginning of the year.

“There’s basically no change,” said Ryan House, vice president at Jones Lang LaSalle. “The market has not improved nor has it declined any further.”

The most notable activity came from building owners looking to offload some of their properties. American Assets Trust Inc. recently put the Valencia Corporate Center up for sale. The Valencia Oaks Office Building is also up for sale after owner CWCapital Asset Management defaulted on its payment.

This is the first time multitenant office buildings have been on the market in about three years, Fenenbock said. Sales of the 44,000-square-foot Valencia Oaks, listed for $7.25 million, and the 194,000-square-foot Valencia Corporate Center, which doesn’t have a listing price, will help other landlords value their buildings.

But since both properties have tenants, their sales will not affect Santa Clarita’s vacancies. Instead, brokers are looking to a 117,000-square-foot building at 26877 Tourney Road in Valencia to help bring the rate down. The building is completely vacant and has been on the market since the beginning of the year.

House said he expects the property to sell to an owner that will occupy the majority of the building. But until that sale comes through, he doesn’t expect much change.

“Next quarter, I don’t see anything that will indicate that the market will decline any further,” House said. “But vacancy isn’t likely to change a whole bunch.”

MAIN EVENTS

• Qiagen, a biotech company headquartered in Venlo, Netherlands, renewed its lease on a 30,000-square-foot office at 27220 Turnberry Lane in Valencia.
• A legal practice is leasing a 4,000-square-foot office in the Tourney Pointe building at 27200 Tourney Road in Valencia. The 36-month lease is for $2.05 per square foot. The 220,000-square-foot Tourney Pointe, which is owned by Arden Realty, was built in 1985 and recently renovated.
• A mortgage broker has leased a 1,000-square-foot office at 25115 Avenue Stanford in the Valencia Park Executive Center owned by Koll Co. The 24-month lease is for at $1.65 per square foot.
• American Assets Trust Inc. has put the Valencia Corporate Center on the market. The 194,000-square-foot complex on Avenue Stanford is a three-story, multitenant Class A office project more than 80 percent leased. American Assets has not listed an asking price for the center, which is adorned with marble and granite exteriors and slate tile lobby floors.
• CWCapital Asset Management LLC has put Valencia Oaks Office Building at 23822 Valencia Blvd. up for sale. The 44,000-square-foot property is priced at $7.25 million, or about $165 a square foot. The three-story building features private balcony spaces and large windows.