BURBANK
Chandler Park, Magnolia Park, McNeil, Media Center, Northwest District, Rancho Adjacent, and Vega.
Rent Rate
Leasing Activity SF
Vacant Available SF
SOURCE: CoStar
- Q3 - 2022
- Q3 - 2023
- Q3 - 2024
Leasing Market Overview
MEASURING Q3 2024Burbank’s retail rents average $4.92 per square foot, demonstrating steady demand. Despite this, the vacancy rate has climbed slightly to 8.8%, with 228,270 square feet available. The recent uptick in leasing activity, though moderate, shows that smaller retail spaces are more appealing, while larger spaces are slower to lease. Recent deal volumes suggest businesses are taking a cautious approach, opting for more flexible lease structures. Investors should focus on well-located properties, especially in areas with strong consumer foot traffic. Retail tenants can find opportunities to negotiate terms for larger spaces, given the gradual rise in vacancy and slower absorption of these properties.
SNAPSHOT OF LEASES SIGNED
| No. | Signed Date | Start Date | Address | SF Leased | Rent/SF/Mo | Months on Market | Leasing Rep Company |
|---|---|---|---|---|---|---|---|
| 1 | Jun-24 | Jul-24 | 1919 W Magnolia Blvd | 2,702 | 2.50 | 2 | Keller Williams Realty-World Media |
| 2 | Jun-24 | Jul-24 | 201 E Magnolia Blvd | 1,622 | 3.25 | 9 | SRS Real Estate Partners |
| 3 | Jun-24 | Jul-24 | 3400 W Warner Blvd | 3,500 | 2.80 | 11 | CBM1 Inc |
| 4 | Jun-24 | Aug-24 | 2220 W Magnolia Blvd | 5,200 | 2.75 | 3 | CBM1 Inc |
| 5 | Jun-24 | Jul-24 | 191 S Buena Vista St | 2,000 | 9.06 | 13 | Specialized Realty, Inc. |
| 6 | May-24 | Jun-24 | 6222 San Fernando Rd | 13,998 | 7.15 | 13 | Specialized Realty, Inc. |
| 7 | May-24 | Jun-24 | 6222 San Fernando Rd | 6,000 | 7.15 | 6 | Specialized Realty, Inc. |
| 8 | May-24 | Jun-24 | 3306 W Burbank Blvd | 450 | 3.60 | 5 | Rive Gauche Properties LLC |
| 9 | Apr-24 | May-24 | 1407-1413 W Kenneth Rd | 5,000 | 3.60 | 3 | Pegasus Investments |
| 10 | Apr-24 | May-24 | 203-215 N Victory Blvd | 1,710 | 3.25 | 6 | JohnHart Commercial |
SOURCE: CoStar