BURBANK
Chandler Park, Magnolia Park, McNeil, Media Center, Northwest District, Rancho Adjacent, and Vega.
Rent Rate
Leasing Activity SF
Vacant Available SF
SOURCE: CoStar
- Q1 - 2023
- Q1 - 2024
- Q1 - 2025
Leasing Market Overview
MEASURING Q1 2025The Burbank retail market is showing signs of stabilization, but remains under pressure entering 2025. Vacancy rates have hovered between 23% and 25% since early 2022, driven in part by persistent sublet space and slower absorption. While leasing activity surged in mid-2023, with nearly 97,000 SF leased in Q2, momentum has declined significantly, dropping to just 7,749 SF leased in Q1 2025 (QTD). Deal volume has followed a similar downward trend. Asking rents, which peaked at $3.94/SF in early 2024, have slightly softened to $3.42/SF, suggesting landlords may be adjusting expectations in response to tenant hesitancy. Despite a stable inventory, the data points to a cautious investment environment, with tepid leasing velocity and limited absorption dampening short-term optimism.
SNAPSHOT OF LEASES SIGNED
| No. | Signed Date | Start Date | Address | SF Leased | Rent/SF/Mo | Months on Market | Leasing Rep Company |
|---|---|---|---|---|---|---|---|
| 1 | Mar-25 | Mar-25 | 1721-1727 W Burbank Blvd | 592 | $3.21 | 2 Mos | Stevenson Real Estate Services |
| 2 | Mar-25 | Apr-25 | 2009 W Burbank Blvd | 1,925 | $2.50 | 5 Mos | Keller Williams Realty-World Media |
| 3 | Mar-25 | Apr-25 | 1721-1723 W Magnolia Blvd | 592 | $3.20 | Stevenson Real Estate Services | |
| 4 | Feb-25 | May-25 | 328-330 N San Fernando Blvd | 16,000 | $3.00 | 8 Mos | Commercial Asset Group (CAG) |
| 5 | Feb-25 | Mar-25 | 304 W Valencia Ave | 1,200 | $4.00 | 2 Mos | Baboudjian Properties, Inc. |
| 6 | Feb-25 | Mar-25 | 203-215 N Victory Blvd | 1,358 | $3.25 | 8 Mos | JohnHart Commercial |
| 7 | Jan-25 | Mar-25 | 443-449 S Glenoaks Blvd | 600 | $4.00 | 8 Mos | Spectrum Commercial Real Estate, Inc. |
| 8 | Jan-25 | Jan-25 | 2400-2484 W Victory Blvd | 1,200 | $5.25 | 4 Mos | Cartozian Associates Real Estate, Inc. |
| 9 | Jan-25 | Jan-25 | 6222 San Fernando Rd | 150 | $7.63 | 21 Mos | Specialized Realty, Inc. |
SOURCE: CoStar