San Gabriel Office Market Snapshot
The San Gabriel Valley office market ended the first half of 2019 with continued positive momentum, recording 102,900 square feet of absorption, the majority of which came from the East San Gabriel Valley submarket. Among the largest move-ins was Jollibee occupying 28,400 square feet at 100 N. Barranca Street in West Covina. Vacancy dropped accordingly by 100 basis points to 8.4%. The overall average asking rent rose by $0.01 to $2.32 per square foot (PSF) full service gross (FSG).
Leasing activity of 88,500 square feet was primarily made up of smaller transactions. The largest sale for the quarter consisted of organ donation company OneLegacy purchasing 1303 Optical Drive in Azusa for $18.5 million ($187 PSF). The buyer intends to use the building as its new headquarters.