The Real Deal Los Angeles

Submarket Snapshot: Glendale

Area sees lower vacancy than Burbank and Pasadena
By Hannah Miet | February 10, 2016 05:17PM

Glendale net absorption Colliers

Glendale had the highest net absorption out of the Tri-Cities in Q4 (credit: Colliers International)

The 47 buildings that make up Glendale’s 6.6 million-square-foot office submarket saw 12.9 percent vacancy in the fourth quarter, down from 13.5 percent in the third, according to a report by Colliers International.

Its vacancy rate was lower than the Tri-Cities submarkets of Burbank, which saw 15.6 percent, and Pasadena, which saw 14.5 percent. Though Glendale’s net absorption in the fourth quarter was only 40,900 square feet, it still beat out the other submarkets in the Tri-Cities area.

In 2015 as a whole, Glendale saw more leasing activity than any other Tri-Cities submarket, at 809,000 square feet.

No construction was started in the fourth quarter but 54,000 square feet was underway.

Asking rents in Glendale averaged $2.55 a square foot a month, lower than the Tri-Cities average of $2.83.

Transactions in Glendale in the fourth quarter included mobile app developer Service Titan’s lease for 23,600 square feet of space at 801 North Brand Boulevard.