The Santa Clarita Valley Economic Development Corporation has released its Santa Clarita Second Quarter 2024 Economic Snapshot.

This analysis of data from the regional Santa Clarita Valley market explores various aspects such as Industrial and Commercial real estate, retail, residential, hotel vacancy and occupancy and film activity.

The “SCV Market” encompasses the various areas of the city of Santa Clarita (Valencia, Saugus, Newhall and Canyon Country), as well as the unincorporated Los Angeles county areas of Castaic, Val Verde, Stevenson Ranch and Agua Dulce.

Among the takeaways in this report:

The local Office Market continues to show weaknesses despite strong office employment numbers, with many employees still working remotely.

Vacancy rates and available sublease space are near record highs. Leasing activity valley-wide has hovered around 40k SF/quarter for the past four quarters.

The SCV saw the first positive net absorption of office square footage last quarter for the first time since Q4 2022.

The average market asking rent for the Santa Clarita Valley in Q2 was $36.08/SF, continuing its downward trend from its peak back in Q2 2020.

The Film and Entertainment sector has continued to struggle this past fiscal year (July 2023 – June 2024), with the lowest estimated economic impact we’ve seen in a few years at $18,502,500.

The city normally averages approximately $30M+ annually, and this drop is likely linked to the multiple strikes and uncertainty within the industry. But with the International Alliance of Theatrical Stage Employees (IATSE) and the Teamsters seemingly coming to an agreement with the Alliance of Motion Picture and Television Producers (AMPTP) recently, the threat of another strike should hopefully be averted and more productions could start up again soon.

The entire report can be downloaded as pdf at Economic Snapshot Q2 2024.

For more information about the SCVEDC visit www.scvedc.org.