Simi Valley, CA - Office Market Overview
Simi Valley neighbors the Thousand Oaks, Moorpark, and Calabasas commercial real estate markets. With a population of nearly 130,000, Simi Valley ranks as the third most-populous city in Ventura County.
As of mid-2017, the Simi Valley office market encompasses nearly 1.7 million square feet of existing office space in properties larger than 50,000 square feet. The commercial real estate market in Simi Valley, CA, sees consistent demand, due in part to its proximity to Downtown Los Angeles.
Simi Valley, CA - Office Inventory Description
While the city is largely a commuter bedroom community that feeds the larger business centers of Los Angeles, the San Fernando Valley, and Ventura County, there is still a strong blend of office inventory in Simi Valley itself. Looking only at office buildings larger than 50,000 square feet in size, Class B office space accounts for over 1.4 million square feet of the local inventory. Class C office space in the city is another 275,000 square feet of Simi Valley's total office space.
Some of the larger, portfolio-quality office buildings in Simi Valley include the 4100 Guardian Street office building, Simi Valley Corporate Point on 1st Street, the Farmers Insurance Office Complex on Cochran Street, and the 2900 North Medera Road office project.
Simi Valley, CA Commercial Inventory Breakdown
Total: 1,563,996 SF
By square footage range:
- 50k to 100k SF: 266,719 SF / 17.05% of total office
- 100k to 500k SF: 1,297,277 SF / 82.95% of total office
- Class B: 1,236,444 SF / 79.06% of total office
- Class C: 273,241 SF / 17.47% of total office
Simi Valley, CA - Green Office Space
The amount of green office space in Simi Valley is increasing, as both tenants and office building investors realize the financial benefits of energy-efficient office buildings. One example of a LEED-certified office building in Simi Valley is the 450 American Street property. Built in 1990, this Class B office building contributes nearly 207,000 square feet of LEED-certified product to the green office market in Simi Valley, California.
Over the past 12 years, the percentage of green office space, along with EPA Energy Star-rated and LEED-certified office buildings, has consistently increased. The 2017 National Green Building Adoption Index surveyed the top 30 office markets in the U.S. to measure the growth of green building adoption. The report found that since 2005, when less than 5% of the office buildings were rated as energy efficient, today that percentage has increased to 38%.
California is home to six of the top 30 green office markets, with cities such as San Francisco, San Diego, Los Angeles, and Walnut Creek topping the list for the availability of energy-efficient office space in the State.
Simi Valley, CA's Top Office-Using Sectors
The Simi Valley office market sees strong, consistent demand for space from top office-using sectors like the healthcare, light manufacturing, technology, and government & education sectors.
- Healthcare – White-collar office employment in Simi Valley is created by organizations such as Simi Valley Hospital & Health Care, American Medical Response, and the Simi Valley Care Center.
- Light Manufacturing – Companies such as Meggitt Safety Systems and Milgard Manufacturing help drive the demand for commercial real estate and office space in Simi Valley, California.
- Technology – AeroVironment is one of the largest employers in this top office-using sector of Simi Valley, CA.
- Government & Education – The growth in white-collar office space also comes from organizations such as the City of Simi Valley, the Rancho Simi Parks & Recreation District, and the Simi Valley Unified School District.
Simi Valley Demographics
- Total Population137,306
- Male Population(48.9 %) 67,112
- Female Population(51.1 %) 70,195
- Median Age40.20
- Average Household Income$112,674
- Median Household Income$86,667
- Median Income Under 25$52,857
- Median Income 25-44$92,299
- Median Income 45-64$106,425
- Median Income Over 65$52,288
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