Market Report: Burbank

Burbank’s retail market has maintained stability while showing a soft correction in rent growth since 2023. Average asking rents declined modestly from $4.29 to $3.31/SF/mo over the reporting period, reflecting adjustments in older inventory and moderate repositioning by landlords. Despite softer rents, the market continues to attract entertainment-driven tenants and boutique retailers benefiting from the studio ecosystem.

Vacancy levels have remained relatively low for the size of the market, hovering below 300,000 SF, though the overall availability trend has ticked upward slightly. Leasing activity has fluctuated due to Burbank’s limited supply, with occasional spikes in larger commitments offset by slower periods. Deals leased have remained modest (averaging 7-9), indicative of a mature, low-turnover market.

Overall, Burbank remains supply-constrained, with stable fundamentals and minimal speculative construction. While rents have softened, they remain among the highest in Los Angeles County outside coastal submarkets, signaling strong long-term fundamentals and tenant stickiness.