The Future of the Valley
Our Bisnow LA summits have looked at Downtown, the Westside, and Silicon Beach, and now it's the San Fernando and Conejo Valleys. OnJune 13, we're hosting an all-star panel,includingCassidy Turley principal Lee Black, who just closed a 37k SF lease with Equinox Fitness at 112 S Lakeview Canyon in Westlake Village, repping owner LBA Realty,and a 45k SF deal with American Homes 4 Rent at 30601 Agoura Rd in Agoura Hills on behalf of Adler Realty Investments, bringing the building to 100% leased. The Conejo Valley has been a tenant's market for the past five years, Lee notes, but it's swinging back towards the landlords' side for users that need large, efficient floorplates. Lee, wife Victoria, and daughters Brittney, Veronica, and Felicity have a vineyard at their house in Hidden Hills; their cab and merlot won gold and silver last year at the San Francisco International Wine Competition. (We'll do a private judging and get back to you.)
Also speaking: CBRE SVP David Solomon(with wife Allison and their boys Adam and Henry, hiking at Zion National Park), who's worked in the areas for 17 years. This real estate recovery is unlike others, he says: slower and steadier over a longer period of time. (We're easing into this recovery like a warm bath.) The office sector in Encino and Sherman Oaks has less vacancy and better rental rates than the Woodland Hills/Warner Center area--but the latter has larger blocks of available space, meaning more absorption.David reps the 350k SF, Kennedy Wilson-ownedThe Oaksand Arden Realty's 5601 Lindero and 30700 Russell Ranch Rd. He also was involved in the sales of the Warner Center Corporate Park and the 1M SF Corporate Pointe at West Hills.