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2021 Q3 Tri Cities Office Research Report

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Tri Cities Office Overview

  • Tri-Cities overall vacancy stayed flat at 14.9%, as the negative absorption in Glendale and Pasadena was offset by the occupancy growth in Burbank.
  • Burbank has one one of the lowest overall vacancy rates of any submarket in greater Los Angeles at 6.4%.
  • Overall rent growth was flat over the quarter but increased in Burbank by 2.7%, reaching a high of $4.00 PSF per month.
  • In Burbank, the average asking rate has increased 7.8% year over year.
  • Leasing activity finished at 742,513 SF year to date, on par with the amount recorded this time last year, with more than half of the transactions signed in Pasadena.
  • Heightened demand for streaming media content during the pandemic is expected to keep Tri-Cities healthier than other office markets in greater Los Angeles

OFFthumbTC_Q321

2021 Q3 Tri Cities Office Research Report

Download Report