The San Gabriel Valley office market ended the year with negative absorption of 25,900 square feet for the quarter but recorded positive 247,400 square feet for the whole of 2019. While a drop-off from last year’s total, demand was positive for the third consecutive year. Vacancy rose accordingly by 30 basis points to 8.3%. Rents increased for the tenth consecutive quarter, rising by $0.02 to $2.43 per square foot (PSF) full service gross (FSG). This marked a 4.9% growth increase year over year.
The San Gabriel Valley office market is comprised of 10.2 million square feet and represents 3% of the total office space in buildings 25,000 square feet and greater within the Los Angeles basin. Most office tenants located in the San Gabriel Valley are in the information, finance and professional services sectors. A large percentage of the space is in low-rise buildings (80%), with the remaining being in mid-rise buildings (20%).