NAI report: Ventura County has seen the worst of CRE woes
Ventura County’s office market is still reeling from the Countrywide collapse, according to a recently released NAI report.
Office vacancy in the county is still up, and the NAI market report puts the number around 20 percent and notes that net absorption was negative through the third quarter of 2009.
“Office space is tough to move,” NAI Executive Vice President Bill Kiefer told the Business Times. “We’ve had companies that have failed or consolidated, so those buildings became vacant. And now we have more office space being built, coming onto the market and throwing off the statistics.”