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2021 Q1 Tri Cities Office Research Report

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Tri-Cities Office Key Takeaways

  • Tri-Cities vacancy is low compared to other major office markets in Greater Los Angeles, finishing at 14.5%.
  • Sublease availability is high in Pasadena at 8.2%, representing nearly 700,000 SF.
  • The average asking rate increased steadily over the past few years and continued to do so, reaching $3.37 PSF per month.
  • Rent growth was strong in Burbank and Pasadena, up 5.2% and 4.3% year-over-year respectively.
  • Net absorption was negative for the fourth consecutive quarter, with Q1 recording the largest occupancy loss.
  • Content-producing tenants are attracted to creative space near studios, which is keeping office demand healthy in Tri-Cities.

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2021 Q1 Tri Cities Office Research Report

Download Report