2022 Q1 Tri-Cities Office Research Report

Key Takeaways: 

• Tri-Cities had the highest year-over-year rent growth compared to all other Los Angeles office markets.
• The average asking rent in Burbank is now up 11.8% from a year ago, reaching $4.27 PSF per month.
• Overall vacancy is high in Glendale and Pasadena, each submarket with over 1.4M SF of vacant office space.
• Leasing activity in Q1 amounted to 355,878 SF, much more than the quarterly average in 2021 of 256,605 SF.
• There are numerous Tri-Cities office projects in development with 75% occurring in Burbank, as it remains an attractive area for media and entertainment tenants.