The Real Deal Los Angeles

Submarket Snapshot: Burbank

Area sees slight decrease in rent
By Hannah Miet | February 22, 2016 05:18PM

The Michael D. Eisner office building at Walt Disney Studios in BurbankBurbank bucked the L.A. County trend of rising office rents in the fourth quarter, according to data from JLL. Its rents decreased slightly to $3.15 a square foot a month, down from $3.16 in the third quarter and $3.24 in the same period a year ago.

Its rents were still significantly higher than the Tri-Cities market average of $2.93 a square foot a month.

The 7.3 million-square-foot office submarket saw 14.7 percent vacancy, down from 15.1 percent in the third quarter and 15.9 percent in the fourth quarter of 2014. However, its vacancy was still higher than the Tri-Cities average of 13.5 percent.

Burbank saw 28,320 square feet of positive absorption in the fourth quarter. No construction was completed.