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.