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The Real Deal Los Angeles

Submarket Snapshot: Burbank’s office market in Q1 2016

Area has highest rent in the Tri-Cities

April 14, 2016 05:00PM
By Hannah Miet

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The Michael D. Eisner office building at Walt Disney Studios in Burbank

The Michael D. Eisner office building at Walt Disney Studios in Burbank

Burbank’s 6.6 million-square-foot office market saw 14.7 percent vacancy in the first quarter of 2016, according to a report by Transwestern.

It saw slightly more vacancy than the greater Tri-Cities market, which saw 14.4 percent.

Burbank, home to many entertainment companies, is the most expensive of the Tri-Cities office submarkets. Average rent was $3.37 a square foot a month in the first quarter, compared to $2.57 in Glendale and $3.21 in Pasadena.

The area saw 37,757 square feet of positive absorption and 113,760 square feet of construction in the first quarter.

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