Thousand Oaks, CA - Office Market Overview
The Thousand Oaks real estate market includes the Newbury Park, Thousand Oaks City, and Westlake Village commercial real estate submarkets. Although the population of Thousand Oaks is less than 130,000, it is the second-largest city in Ventura County.
As of mid-2017, the Thousand Oaks office market encompasses over 2.5 million square feet of existing office space in properties larger than 50,000 square feet. The commercial real estate market in Thousand Oaks, CA, receives considerable demand from business and industry due to its location just 35 miles from Downtown Los Angeles.
Thousand Oaks, CA - Office Inventory Description
Once a thriving agricultural area, Thousand Oaks has become a hub for the cutting-edge high technology and biotechnology industries, earning the nickname 'The Next Silicon Valley'. As such, demand for office space in Thousand Oaks is consistently strong. While there are no office buildings in the city larger than 50,000 square feet that are rated as Class A, Class B office space in Thousand Oaks is nearly 2.3 million square feet of space on the market, while Class C office property makes up the difference.
The Thousand Oaks Newbury Park office submarket is one area of the city that attracts both office tenants and commercial real estate investors alike. Located along Highway 101 just west of the Lynn Road exit, this part of the city is home to portfolio-investment office property such as The Arbors - Building C, the Conejo Spectrum - 1525 Rancho Conejo Blvd, and 2100 Corporate Center Drive.
Thousand Oaks, CA Commercial Inventory Breakdown
Total: 6,882,346 SF
By square footage range:
- 50k to 100k SF: 2,493,992 SF / 36.24% of total office
- 100k to 500k SF: 4,388,354 SF / 63.76% of total office
- Class A: 1,051,147 SF / 15.27% of total office
- Class B: 5,387,688 SF / 78.28% of total office
- Class C: 443,511 SF / 6.44% of total office
Thousand Oaks, CA - Green Office Space
With a little over 259,000 square feet of green office space in Thousand Oaks, this segment of the commercial real estate market is just beginning to grow, and the city isn't alone. The most recent National Green Building Adoption Index, completed in 2017, looked at the top 30 office markets in the U.S. and reported that over the past 12 years the overall percentage of LEED-certified and EPA Energy Star-rated office space has increased from less than 5% in 2005 to about 38% today.
While the city isn't big enough to be a top 30 office market itself, there is still green office space in Thousand Oaks. One example of a LEED-certified office building is the Lakeview Corporate Center. Located in the Westlake Village commercial real estate submarket of the city, this property was constructed back in 1987 and holds a LEED Silver certification.
Thousand Oaks, CA's Top Office-Using Sectors
The Thousand Oaks office market sees consistently strong demand from top office-using sectors like the high technology, biotechnology, healthcare & education businesses, along with a variety of large corporate office users.
- High Technology – White-collar office employment in Thousand Oaks is partly created by high-tech firms such as Skyworks Solutions and Verizon Wireless.
- Biotechnology – Anthem, Inc., Amgen, and Baxter International are some of the largest employers and users of white-collar office space in Thousand Oaks.
- Healthcare & Education – The Los Robles Hospital & Medical Center, California Lutheran University, and Baxalta help to drive the demand for commercial real estate in Thousand Oaks, California.
- Corporate Office – Bank of America, General Dynamics Corporation, and SAGE Publications are some of the larger corporate office users in Thousand Oaks, CA.
Thousand Oaks Demographics
- Total Population145,924
- Male Population(49.1 %) 71,631
- Female Population(50.9 %) 74,293
- Median Age44.00
- Average Household Income$150,842
- Median Household Income$112,140
- Median Income Under 25$55,273
- Median Income 25-44$113,580
- Median Income 45-64$129,774
- Median Income Over 65$79,700
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