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A spurt of development in the past two years has sent office vacancy rates soaring in the Santa Clarita Valley and dampened once-bullish expectations for the region.
As a result, some developers are dropping lease rates, while others are even considering unloading their property.
In 1999 alone, more than 450,000 square feet of office space was built in Valencia, but thus far it has failed to attract the types of large tenants that developers had hoped for. The office vacancy rate now stands at 34.8 percent, according to Grubb
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