LOS ANGELES-A local developer has started construction of a speculative 206,000-sf industrial building in Valencia, hoping to cash-in on the San Fernando Valley’s tightening market for commercial space.

LA-based Investment Development Services figures its spec building on the county’s northern rim will prove successful. Vacancies in the older Valley market have dropped below 4%, sending rents skyward and forcing many users to look for space in outlying areas.

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