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2022 Q2 Tri-Cities Office Research Report

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2022 Q2 Tri-Cities Office Research Report

While asking rents fell in most Los Angeles office markets, the average asking rent in Tri-Cities held firm over the quarter at $3.57 PSF per month. This is 5.9% higher than one year ago, with the strongest growth in Burbank where rents have increased for seven consecutive quarters, reaching $4.31 PSF per month. Sublease availability is high in Burbank at 4.6% and is expected to increase further as Netflix continues its space reduction efforts. Office construction in Tri-Cities is active with major projects under way in Burbank, Glendale and Pasadena. The first phase of the 10 West ground-up development in Pasadena was completed, and ownership already signed its first tenant. Dine Brands committed to occupying 92,670 SF at this campus where it will be the global headquarters for this franchisor of dining companies. Construction completions contributed to more vacant office space in Pasadena which increased the Tri-Cities overall vacancy rate by 60 basis points to 16.3%. With over 1M SF in the development pipeline, office vacancy is expected to increase in Tri-Cities in the coming quarters.

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2022 Q2 Tri-Cities Office Research Report

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