Ventura, CA Economic Overview
Ventura, officially known as the City of San Buenaventura, is one of the oldest settlements among California’s coastal communities. Located in Ventura County, the city is a part of the Los Angeles Metropolitan area. Founded in 1782 as Mission Buenaventura, the City was originally named after the Italian Saint Bonaventure and nicknamed as the “city of good fortune” and commonly referred to by early settlers as the “land of everlasting summers.” Today, the city is a full-service municipality serving over 108,000 residents and 12,880 businesses within the 33 square miles of coastline, hillsides, agricultural fields, and homes overlooking the beautiful Channel Islands. Ventura lies along U.S. Route 101, between Los Angeles and Santa Barbara, also known as the Ventura Freeway. Considered one of America’s most desirable places to live, the City is graced by a phenomenal climate, friendly residents, and a spectacular coastline. Ventura commercial real estate is strategically located among the Pacific Coast’s many gems, including Surfer’s Point, the Ventura Harbor, and its historical Downtown. Ventura’s park system includes 32 parks and historical sites, more than 800 acres of open green space and a state-of-the-art aquatic center. In 2015, the Washington Post called Ventura County “the absolute most desirable place to live in America” based on the USDA’s natural amenities index ranking of every U.S. county by scenery and climate.
Ventura is home to a diverse mix of more than 12,000 businesses and a robust workforce of more than 53,000, of which maintain a median household income of $67,000. The city is home to the headquarters of progressive businesses such as Patagonia, The Trade Desk, and Petunia Pickle Bottom, as well as a growing entrepreneurial ecosystem and dynamic startup community. The City was one of the first to sponsor a business incubator, Ventura Ventures Technology Center, which has now graduated a number of successful companies that include The Trade Desk, MomentFeed, Connexity, and GiddyUp. In 2016, the City’s economic condition showed improved job creation, lower unemployment, higher consumer spending, new housing, and new businesses. The city’s economy revolves largely around County government facilities, financial services, healthcare industry, retail operations, and a well-developed agriculture-based food processing industry. The City of Ventura supports 9,044 services and retail establishments, 1,866 wholesale, manufacturing, and warehousing, 1,701 property rental businesses, and 275 other services. The city’s largest employers include the County of Ventura, Ventura Unified School District, and the Community Memorial Health System. Ventura maintains a robust healthcare industry with four main hospitals, as well as a Kaiser Permanente medical office, a corporate headquarters for Clinicas Del Camino Real, and other ancillary services. Ventura is surrounded by 321,000 acres of agricultural land within Ventura County that provide approximately 20,000 jobs. Ventura is also a thriving tourist destination and is popular for those residents living in southern California.
Ventura, CA Commercial Real Estate Market
Located just 60 miles from Los Angeles and less than 30 miles from Santa Barbara, the city hosts a diverse business sector, with offices in a charming and historic downtown core. A growing entrepreneurial ecosystem and a dynamic startup community all located in the California coastline and robust retail sector make Ventura a strategic location to start any business. Ventura also hosts a robust network of hospitals and medical centers, with several undergoing expansion developments.
The Ventura County office market is a moderate-sized market, with roughly 9.8 million square feet of inventory. The market continues to see positive net absorption and decreasing vacancy rates, currently at 14.0%, down from 14.4% at the beginning of 2017. Demand for office space is forecast to continue its strong growth trajectory due to employment growth, as well as a lack of new construction.
Downtown Ventura is home to the core of Ventura’s business and tourist activity, including popular sites such as Mission San Buenaventura, museums, galleries, dining, and shopping, all just a short drive from Ventura Harbor. The Downtown Ventura office market is concentrated along East Main Street and includes both smaller creative lofts and larger office spaces.
Ventura, CA Office Rental Rates ($/SF/year)
Data provided by Yardi Matrix, for properties larger than 50K SF.
Ventura, CA Office Sales
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Ventura, CA Commercial Inventory Breakdown
Office Spaces
Total: 1,128,885 SF
By square footage range:
- 50k to 100k SF: 895,109 SF / 79.29% of total office
- 100k to 500k SF: 233,776 SF / 20.71% of total office
By class:
- Class A: 228,502 SF / 20.24% of total office
- Class B: 849,383 SF / 75.24% of total office
Industrial
Total: 3,695,991 SF
By square footage range:
- 50k to 100k SF: 1,283,852 SF / 34.74% of total industrial
- 100k to 500k SF: 2,412,139 SF / 65.26% of total industrial
By class:
- Class A: 554,503 SF / 15% of total industrial
- Class B: 2,963,660 SF / 80.19% of total industrial
- Class C: 64,578 SF / 1.75% of total industrial
Office Spaces with Retail
Total: 3,630,982 SF
By square footage range:
- 50k to 100k SF: 1,054,099 SF / 29.03% of total office with retail
- 100k to 500k SF: 1,902,072 SF / 52.38% of total office with retail
- 500k to 1M SF: 674,811 SF / 18.58% of total office with retail
Employment in Ventura, CA
The Ventura County is home to a robust labor force of 429,300, with 58,000 located in the City of Ventura. The county’s occupation with fastest projected job growth include those in the healthcare industry, including Physician Assistants and Nurse Practitioners. Those jobs with the highest wages include Surgeons and Chief Executives. The County’s unemployment rate currently rests at 4.5%, down from 5.1% at the beginning of 2017.
According to the Bureau of Labor Statistics, the industries in the Oxnard-Thousand Oaks-Ventura, CA area with the highest employment numbers include:
- Trade, Transportation, and Utilities—currently employs 57,900, growing at 0.2%/year
- Education and Health Services—currently employs 48,800, growing at 11.7%/year
Professional and Business Services—currently employs 48,200, growing at 0.2%/year
Education in Ventura, CA
Public school students from kindergarten through 12th grade attend schools in the Ventura Unified School District. The district has five high schools: Ventura High in the midtown area, Buena High in east Ventura, Foothill Technology High School, Pacific High School and El Camino High School, an independent study program located on the Ventura College campus. Private schools include St. Bonaventure High School, a Catholic school, Ventura County Christian School, an evangelical Christian school, and Holy Cross School, Sacred Heart, and Our Lady of the Assumption, Roman Catholic schools for grades Pre-K–8.
Ventura has four college campuses, Ventura College of Law, Southern California Institute of Law, Santa Barbara Business College and Ventura College. Ventura College is a community college, part of the Ventura County Community College District. The Ventura College of Law is a non-profit law school founded in 1969.
Commuting Time in Ventura, CA
Ventura is an easy alternative to the hustle and bustle of big cities, offering small-town tranquility with ocean views and uncrowded beaches only an hour north of Los Angeles. Once you arrive in Ventura, car-rental companies and public transportation services like Vista and Gold Coast Transit buses are readily available. However, visitors soon discover that you can walk almost anywhere. Common mode of transportation to and from Ventura include:
- By car, the major road through Ventura is the Ventura Freeway (U.S. Route 101), connecting the California Central Coast and San Francisco to the north, and Los Angeles to the south.
- Local bus service is provided by Gold Coast Transit. Commuter and intercity bus services are provided by VISTA and by MTD to Santa Barbara.
- Ventura hotels also proudly offer the free Ventura Downtown-Harbor Trolley that connects visitors along a convenient route from their hotels to Ventura Harbor Village and downtown Ventura.
- By train, Amtrak’s Pacific Surfliner is a great alternative for transportation to Ventura connecting cities from San Diego in southern California to San Luis Obispo on the Central Coast with a convenient stop in downtown Ventura.
- Air travel to and from Ventura is available via Los Angeles, Burbank (both 60 miles south), and Santa Barbara (30 miles north) airports with connecting flights to all major cities worldwide. Shuttle service to Ventura is available from all three airports through companies like Roadrunner, Smart Shuttle, and Ventura County Airporter.
Employees in Ventura have an average commute time of 22.4 minutes, which is slightly below the national average of 24.8 minutes. The largest share of workers drive alone, followed by those who carpool and/or work at home.
Ventura Demographics
Population
- Total Population96,660
- Male Population(49.6 %) 47,950
- Female Population(50.4 %) 48,710
- Median Age39.80
Income/Financial
- Average Household Income$91,155
- Median Household Income$78,899
- Median Income Under 25$34,206
- Median Income 25-44$86,949
- Median Income 45-64$90,885
- Median Income Over 65$61,986
News
Amazon’s search for a new home has stirred up city officials and developers across the country, and 238 applicants across North America have expressed interest in housing the company’s next headquarters. Of course, the retail giant has a few requirements: the chosen metropolitan area should idea...