Thousand Oaks, CA Economic Overview
Thousand Oaks is the second largest city in Ventura County, located approximately 40 miles northwest of Los Angeles, halfway between the cities of Los Angeles and Santa Barbara. Situated 12 miles inland from the Pacific Ocean and nestled against the pristine Santa Monica Mountains to the south, the City is surrounded by a ring of open space with rolling green hills, legally protected from future development. Thousand Oaks covers 56 square miles and accommodates a population of just over 132,000 residents. In total, the City has more than 15,194 acres dedicated to open space, which represents 40% of all land in the planning area. It incorporated a good part of the neighboring Westlake Village community. The city prides itself on its 150 miles of trails for hiking, biking, or just enjoying a leisurely walk. Thousand Oaks is a premier community, recognized for being one of the most desirable places in all of California to live, work, recreate, and conduct business. Thousand Oaks accommodates over 17,030 companies, through its vibrant private-public partnerships and in 2013 was ranked the fourth-safest among cities with a population greater than 100,000 in the U.S. Nearly all residents (96%) continue to rate the quality of life in Thousand Oaks as excellent or good, according to its Community Attitude Survey. The Thousand Oaks commercial real estate market is placed within a vibrant economy, accommodating a diverse range of businesses, all with a close proximity to beaches, mountains, and world-class entertainment.
The city’s economy is home to a wide range of businesses that include biotechnology, electronics, automotive, aerospace, telecommunications, healthcare, and financing. The small business community in Thousand Oaks is particularly strong—Fundera ranked the City as the 5th Best City in California for Small Business in 2016. The corporate headquarters of Amgen, JD Power and Associates, Teledyne Technologies, SAGE Publications, and Skyworks Solutions are located within the city limits. The top employers in the area include Amgen, The Oaks Shopping Mall, Conejo Valley Unified School District, Los Robles Hospital, and Baxalta. The economy of Thousand Oaks continues to benefit from the success of many tourist attractions including the Thousand Oaks Civic Arts Plaza’s two world class theatres, the Gardens of the World, and the Santa Monica National Park, located on the city’s southern periphery. In its regularly conducted Community Attitude Survey, approximately 54% of households in 2017 indicated they spend at least half of their household’s retail shopping dollars within the City and 26% spend at least 80% of their dollars within the city. Thousand Oaks hosts a higher income community, with the median household income averaging at $100,000.
Thousand Oaks, CA Commercial Real Estate Market
The City of Thousand Oaks is a proactive community that meets the commercial, retail, social, and cultural needs of its citizens and businesses. The Thousand Oaks area is currently undergoing numerous renovations and development projects, including an upgrade to U.S. Route 101, an expansion to the Oaks Shopping Center, and a rejuvenation and expansion of its old downtown. The Oaks Shopping Center is one of two malls in the area and the largest shopping center in Ventura County, at 1.3 million square feet. Thousand Oaks hosts a total of just over 2.2 million square feet of office space and total vacancy rate of 14.7% in 2017. The City offers contemporary office buildings close to excellent local transport links and amenities in the area, all within close proximity to the ocean and wide-open nature reserves. Most office and commercial space is featured near the Civic Arts Plaza, with plans in development to construct boulevard streetscape improvements to its downtown core.
The Thousand Oaks office market makes up 11% of the Ventura County office market. The city has lower rates, compared to the Los Angeles metropolitan commercial real estate market, but has experienced a 31% increase in rates over the past three months. The standard measurement for office space is around 2,280 square feet and most buildings are close to two floors in height.
Thousand Oaks Boulevard is the featured space for the redevelopment plan of the “downtown” core, approved and passed in 2011. The Thousand Oaks Boulevard office corridor offers premium office space with a focus on medical and retail.
Thousand Oaks, CA Office Rental Rates ($/SF/year)
Data provided by Yardi Matrix, for properties larger than 50K SF.
Thousand Oaks, CA Office Sales
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Thousand Oaks, CA Commercial Inventory Breakdown
Office Spaces
Total: 7,300,828 SF
By square footage range:
- 50k to 100k SF: 2,796,408 SF / 38.3% of total office
- 100k to 500k SF: 4,504,420 SF / 61.7% of total office
By class:
- Class A: 917,436 SF / 12.57% of total office
- Class B: 6,040,822 SF / 82.74% of total office
- Class C: 342,570 SF / 4.69% of total office
Industrial
Total: 4,648,827 SF
By square footage range:
- 50k to 100k SF: 2,200,405 SF / 47.33% of total industrial
- 100k to 500k SF: 2,448,422 SF / 52.67% of total industrial
By class:
- Class A: 1,482,752 SF / 31.9% of total industrial
- Class B: 2,755,391 SF / 59.27% of total industrial
Office Spaces with Retail
Total: 5,700,324 SF
By square footage range:
- 50k to 100k SF: 2,220,908 SF / 38.96% of total office with retail
- 100k to 500k SF: 2,660,688 SF / 46.68% of total office with retail
- 500k to 1M SF: 818,728 SF / 14.36% of total office with retail
Employment in Thousand Oaks, CA
Thousand Oaks’ unemployment rate showed a slight increase in 2016 to 5.3%, from the 5.1% recorded in the previous year. Employers within the City, however, added approximately 1,050 jobs to the base, and the number of business licenses increased 3.8% in 2016. The overall unemployment rate for Ventura County is 4.5% and hosts a labor force of 429,300.
According to the Bureau of Labor Statistics, the industries in the Oxnard-Thousand Oaks-Ventura, CA area with the highest employment numbers include:
- Trade, Transport, and Utilities—currently employs 57,900, growing at 0.2%/year
- Education and Health Services—currently employs 48,800, growing at 11.7%/year
- Government—currently employs 48,200, growing at 0.2%/year
Education in Thousand Oaks, CA
The City is administered by the Conejo Valley Unified School District and includes a number of highly ranked elementary schools, middle schools, and high schools. Oaks Christian High School, while located immediately outside Ventura County, matriculates numerous students from the county. La Reina High School is a private Roman Catholic, all-girls junior/senior high school.
Thousand Oaks is also home to California Lutheran University, a private liberal arts university founded in 1959 and affiliated with the Evangelical Lutheran Church in America.
The Thousand Oaks Library system is consistently ranked as one of the best public libraries in California. The library consists of the Grant R. Brimhall Library in Thousand Oaks and the Newbury Park Branch Library in Newbury Park.
Commuting Time in Thousand Oaks, CA
Thousand Oaks lies in the heart of the Conejo Valley, with the city of Los Angeles to the east and the city of Ventura to the west. The city is accessible by the following transportation options:
- Major freeways include U.S. Route 101 (Ventura Freeway), as well as State Route 23. Highway 101 runs through the city and connects it with Los Angeles and Ventura. CA Route 23 connects to the 101 near downtown Thousand Oaks, runs north toward Moorpark and Simi Valley, and essentially divides the city in two.
- Thousand Oaks is also served by Thousand Oaks Transit (TOT), which provides public transportation in the form of shuttles and buses. TOT buses provide service to Thousand Oaks as well as some neighboring communities.
- A regional transportation center provides bus and shuttle lines to Los Angeles, Oxnard, Ventura, Moorpark, Simi Valley, and Santa Barbara via the VISTA, Metro, and LADOT Commuter Express bus lines.
- Commercial air travel is provided primarily by Los Angeles International Airport for regular commuters, while the Bob Hope Airport (in Burbank) offers an alternative for domestic destinations. Thousand Oaks offers public transportation that runs to both airports, via the VISTA, Metro, and LADOT bus lines. Los Angeles International Airport is approximately 40 miles (64 km) southeast of the city, while Burbank Airport is approximately 35 miles (56 km) east of the city.
Employees in Fullerton have a shorter average commute time of 23.9 minutes than the national average of 24.8 minutes. The largest share of workers drives alone, followed by those who work at home and carpool.
Thousand Oaks Demographics
Population
- Total Population127,873
- Male Population(49.0 %) 62,680
- Female Population(51.0 %) 65,193
- Median Age44.20
Income/Financial
- Average Household Income$145,056
- Median Household Income$109,378
- Median Income Under 25$42,730
- Median Income 25-44$117,031
- Median Income 45-64$135,814
- Median Income Over 65$81,766
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