San Gabriel Office Market Snapshot
- Vacancy rate has decreased 12.2% since Q3
- Average asking rent rose by $0.01 to $2.13 per square foot
- Net absorption increased to 191,000 PSF
The San Gabriel Valley office market finished 2018 with 337,200 square feet of absorption, buttressed by 191,200 square feet of demand in the fourth quarter alone. Total demand in 2018 was the highest for the San Gabriel Valley market since 2001 (456,100 square feet). Among the largest move-ins were UTC Aerospace Systems (79,000 square feet) and L.A. County Department of Health Services (68,000 square feet), both in the East San Gabriel Valley submarket.
Vacancy dropped accordingly by 110 basis points to 12.2%, while the market experienced a 260-basis-point drop from 14.8% a year ago. The overall average asking rent rose by $0.01 to $2.31 per square foot (PSF) full service gross (FSG). This marks a highpoint since reaching $2.36 in the fourth quarter of 2007.
Among the notable leases signed this quarter were L.A. County Department of Children & Family Services signing for 33,100 square feet at 955 Overland Court in San Dimas.