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2021 Q4 Tri-Cities Office Research Report

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OFFheroTC_Q421

2021 Q4 Tri-Cities Office Research Report

Key Takeaways

  • The Tri-Cities average asking rental rate increased over the quarter by 1.2%, reaching a peak of $3.42 PSF per month.
  • Rent growth was strong over the year in Burbank with Class A average asking rates up to $4.09 PSF per month.
  • Burbank has one of the lowest overall vacancy rates of any submarket in Los Angeles, finishing 2021 at 8.2%.
  • Overall vacancy is higher in Glendale and Pasadena, each with over 1.4M SF of vacant office space.
  • Leasing activity for the year surpassed 1M SF, falling short of the 1.2M SF recorded in 2020.
  • Glendale and Pasadena market fundamentals have struggled more than Burbank as landlords have to make more of an effort to secure tenants.

OFFthumbTC_Q421

2021 Q4 Tri-Cities Office Research Report

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