BURBANK
Chandler Park, Magnolia Park, McNeil, Media Center, Northwest District, Rancho Adjacent, and Vega.
Rent Rate
Leasing Activity SF
Vacant Available SF
SOURCE: CoStar
- Q4 - 2021
- Q4 - 2022
- Q4 - 2023
Leasing Market Overview
MEASURING Q4 2023In the Burbank retail submarket, the vacancy rate has risen to 6.8%, marking a 0.7% increase in the past 12 months. During this period, there has been a negative absorption of 61,000 SF, and no net deliveries have occurred. General Retail stands out as the largest subtype within this submarket, encompassing 5.1 million SF.
Rental rates hover around $3.42/SF, indicating a 0.7% uptick from the previous year. Over the past three years, there has been a cumulative 7.1% increase in rents.
SNAPSHOT OF LEASES SIGNED
| No. | Signed Date | Start Date | Address | SF Leased | Rent/SF/Mo | Months on Market | Leasing Rep Company |
|---|---|---|---|---|---|---|---|
| 1 | Dec-23 | Jan-24 | 912-914 S Victory Blvd | 1,200 | 2.75 | 4 | Peltar Corporation |
| 2 | Dec-23 | Jan-24 | 3619 W Magnolia Blvd | 1,665 | 3.75 | 7 | Stevenson Real Estate Services |
| 3 | Dec-23 | Jan-24 | 2575 N Hollywood Way | 1,170 | 5.00 | 28 | Kennedy-Wilson Properties, Ltd. |
| 4 | Nov-23 | Dec-23 | 2128 N Glenoaks Blvd | 1,000 | 3.76 | 8 | Compass Commercial |
| 5 | Nov-23 | Dec-23 | 1617 Magnolia Blvd | 2,100 | 3.00 | 4 | Avison Young |
| 6 | Nov-23 | Dec-23 | 1121 N San Fernando Blvd | 975 | 3.50 | 4 | illi Commercial Real Estate |
| 7 | Nov-23 | Dec-23 | 1700 W Glenoaks Blvd | 1,032 | 3.00 | 1 | DPI-Diversified Property Investments |
| 8 | Oct-23 | Nov-23 | 130-140 N San Fernando Blvd | 1,120 | 6.50 | 5 | Kennedy-Wilson Properties, Ltd. |
| 9 | Oct-23 | Nov-23 | 147-153 N San Fernando Blvd | 2,750 | 6.50 | 5 | Kennedy-Wilson Properties, Ltd. |
| 10 | Oct-23 | Nov-23 | 2101 W Magnolia Blvd | 2,504 | 2.25 | 14 | Locker Realty Corp |
SOURCE: CoStar