BURBANK
Chandler Park, Magnolia Park, McNeil, Media Center, Northwest District, Rancho Adjacent, and Vega.
Rent Rate
Leasing Activity SF
Vacant Available SF
SOURCE: CoStar
- Q2 - 2021
- Q2 - 2022
- Q2 - 2023
Leasing Market Overview
MEASURING Q1 2023In the Burbank retail submarket, there is currently a vacancy rate of 7.9%, which has gone up by 2.3% in the last year. Over the same period, there has been a reduction in occupied retail space by 200,000 square feet, and no new retail spaces have been added.
Among the different types of retail spaces within this submarket, General Retail is the largest subtype, comprising 5.0 million square feet.
The average rent in this submarket is approximately $41.00 per square foot, showing a 0.9% increase compared to a year ago. Over the past three years, rents have seen a cumulative growth of 5.7%.
SNAPSHOT OF LEASES SIGNED
| No. | Signed Date | Start Date | Address | SF Leased | Rent/SF/Mo | Months on Market | Leasing Rep Company |
|---|---|---|---|---|---|---|---|
| 1 | Apr-23 | May-23 | 3116-3118 W. Magnolia Blvd | 774 | 4.25 | 14 | Commercial Asset Group |
| 2 | May-23 | Jun-23 | 325 N. First St | 2,185 | 4.00 | 14 | Avison Young |
| 3 | May-23 | May-23 | 400-406 S. Glenoaks Blvd | 735 | 2.86 | 5 | Stevenson Real Estate Services |
| 4 | May-23 | Jun-23 | 361 E. Magnolia Blvd | 500 | 3.00 | 7 | Commercial Asset Group |
| 5 | Jun-23 | Jul-23 | 2707 W. Burbank Blvd | 1,050 | 3.65 | 1 | Spectrum Commercial Real Estate |
| 6 | Jun-23 | Jul-23 | 2019-2021 W. Magnolia Blvd | 1,565 | 2.55 | 3 | Avison Young |
SOURCE: CoStar