Study Shows 22% Decline in Office Lease Activity

Office leasing activity in the San Fernando Valley declined during September and October, according to a study by commercial real estate broker Julien J. Studley Inc.

A total of 618,193 square feet was leased during the latest two months, Studley said, down 22% from the July-August period. However, the year-to-date leasing total was 2.7 million square feet, well ahead of the 1.3 million square feet of office space leased during 1991’s first 10 months, Studley said.

Among the biggest transactions that took place during September and October were: 20th Century Insurance signed a letter of intent to occupy the entire first phase of the Warner Ridge development in Woodland Hills; Pacific Rim Life Assurance leased 80,000 square feet at the former Dataproducts headquarters in Warner Center; Health Net renewed its lease and expanded into a total of 170,000 square feet at Warner Center Plaza One, and the Motion Picture Assn. of America leased 45,000 square feet in Encino.