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Vacancy rate hits six-year valley low

SANTA CLARITA -- Office space is scarce in the Santa Clarita Valley, where the vacancy rate has plummeted to a six-year low in the past 18 months, according to an economic outlook for the area. Doctors, lawyers, accountants and a range of support businesses filled vacant offices this year -- accounting for a drop in the vacancy rate from January's 13.8 percent of the 2.38 million square feet in the valley to 4.1 percent by the end of September, according to Mark Schniepp, director of the California Economic Forecast.

Schniepp presented his forecast for the area at a recent Santa Clarita Valley Real Estate & Economic Outlook conference.