Vacancy Rate Falls to Just 3.4%.The vacancy rate in the San Fernando Valley and Ventura County Industrial Market dropped to 3.4% , with particularly low rates, ranging from 1.9% to 2.2% , in the three San Fernando Valley Submarkets. The market witnessed strong positive net absorption , despite limited activity which continued to be restrained due to a lack of available space , particularly for buildings available for -sale . Asking rental rates were firm and sale prices continued to climb. The outlook , given low construction activity and a strong local economy, is for even further tightening. Hicks said the job cuts were not being made in reaction to market conditions, but as part of a shift in the skills SDRC will need as it moves more aggressively into e-business. New workers with skills that match SDRC’s new focus will be hired over time, Hicks said. He declined to specify what skills SDRC would need in the future or what skills became expendable.
If using a Conveyancers or settlement agent, he/she cannot act for both the buyer and the seller. SDRC earlier reported third quarter profits of $296,000 (1 cent per share) in the third quarter, down 88 percent from the same quarter a year ago. Profits for the first nine months were down 45 percent from a year ago to $12.9 million. Revenue was up 1.2 percent to $331.9 million. The company said at the time it was unable to close several large contracts in the third quarter that had been in the final customer funding process for three to five months.On Monday, the firm unveiled a new executive line-up: Ronald G. Schmitz will assume overall e-business responsibility as well as continuing as vice president and general manager of the e-Business Integration Group. James W. Rusk was named vice president and general manager, e-Mechanical Design Automation Products Group.
William A. Carrelli was named to a new position, corporate vice president for market and business development, creating a new organization to build strategic alliances, develop new opportunities, and identify acquisitions. The R&D market also tightened, although not to the level witnessed by the standard industrial market . R&D vacancy rates fell to 8.3% , and the average asking rental rate climbed by 19% over a year ago . Construction is moderate, and this segment is expected to continue to tighten in future quarters.
Data on the economy is positive. South-Western, a print and Internet publisher of materials for higher education, is conducting a nationwide search for the new facility.