Econowatch

MAY 2022

SANTA CLARITA VALLEY BUSINESS JOURNAL · 31

Economic DEvElopmEnt corporation

26455 Rockwell Canyon Road | UCEN 263 | Santa Clarita, CA 91355 | (661) 288-4400 | www.scvedc.org

SCVEDC Honors ‘Power Brokers of 2021’ in Commercial Real Estate

BY HOLLY SCHROEDER

President and CEO of the Santa Clarita Valley Economic Development Corp.

The Santa Clarita Valley Economic Development Corporation (SCVEDC) and the brokerage community enjoy a natural partnership with the common goal of attracting businesses to the Santa Clarita Valley and helping growing companies already located here expand into larger facilities.

When a company selects a new site location, they not only look at concrete features such as space, facilities and growth opportunities, but also at economic and demographic attributes such as the labor pool, population characteristics, prevailing salaries and educational resources.

SCVEDC provides authoritative data by working with top researchers and data providers in the field of economic development. We not only release annual forecasts and monthly updates, we also provide project-based regional data to help companies and brokers close the deal.

To companies considering relocating to or expanding in the Santa Clarita Valley, as well as their brokers and site selectors, the SCVEDC team provides consultations and assessments that are professional, unbiased and confidential.

Each year SCVEDC honors top commercial real estate brokers active in the Santa Clarita Valley at our annual Power Broker Breakfast. Along with brokers in attendance, civic leaders and community representatives come out to celebrate the Power Brokers of the Year as ranked by the Santa Clarita Valley Economic Development Corporation.

The Power Brokers of 2021 represent eight commercial real estate companies based both in and outside the Santa Clarita Valley who represented transactions in the SCV.

The top brokers logged transactions with a total footage of approximately 4M square feet. Their success reflects that the Santa Clarita Valley is a destination for a growing number of businesses looking for land, modern facilities, and a business-friendly environment.

In addition to the Power Brokers, SCVEDC also awarded “Transaction of the Year” to Oxford Properties and their purchase of Southern California Innovation Park. With an existing 14-building campus, situated on 118.5 acres of land, Oxford will begin immediately developing approximately 750k SF of new state-of-the-art soundstages. With the surge of film activity and demand for studio space at a premium, the addition of these 20 soundstages will help further solidify the Santa Clarita Valley as a premier filming location.

To see the full list of our 2021 Power Brokers, look for our ad in last month’s issue of the Santa Clarita Valley Business Journal, or visit our websites blog at www.scvedc.org/blog . he SCVEDC team is proud to partner with the brokerage community to continue our mission of growing quality jobs in the Santa Clarita Valley. 

Econo Watch

Santa Clarita Valley

Commercial Vacancy Rates Office Space Q1 2022 Q4 2021 Q1 2022 Sq Ft

22.7% 22.10% 2,843,265 Industrial Space 1.10% 1.80% 25,203,813 Total Marked Sq. Ft. Vacancy Percentage: 28,047,078 Office Space - as a % of Vacancy 10.14% 9.97% N/A Industrial Space - as a % of Vacancy 89.86% 90.03% N/A

Building Permits Mar ’22 Feb ‘22 Mar ’21

New Commercial/Industrial Building Permits 2 10 3 Commercial Tenent Improvements/Alterations 36 16 28 Local Company Stock Prices Mar ’22 Feb ‘22 % Change

California Resources Corp (CRC) 44.73 41.23 8.49%

Carnival Corp. (CCL) 20.22 17.08 18.38%

FivePoint (FPH) 6.11 5.92 3.21%

Mission Valley Bank (MVLY) 15.15 15.7 -3.50% Six Flags * (SIX) Woodward (WWD)

Unemployment Rates

Santa Clarita Palmdale Lancaster Glendale Los Angeles County State

43.5 43.66 -0.37% 124.91 121.95 2.43

Mar ’22 Feb ’22 % Change

4.6% 5.6% -17.86% 7.4% 9.2% -19.57% 7.5% 9.3% -19.35% 4.9% 6.2% -20.97% 4.9% 6.1% -19.67% 4.9% 5.8% -15.52%

Housing Stats SCV Average Home Price

SCV Average Condo Price SCV Home Sales Mar ’22 Feb ‘ 22 Mar ’21

915,600 898,800 816,300

607,800 579,600 522,900 531 325 620 SCV Condo Sales 191 106 254 SCV Avg. # of Days on Market (SF) 26 42 37 SCV Single Family Home Inventory 277 204 318