the sign of a Profitable Property

Market Report: Burbank

BURBANK

Chandler Park, Magnolia Park, McNeil, Media Center, Northwest District, Rancho Adjacent, and Vega.

Rent Rate

Leasing Activity SF

Vacant Available SF

SOURCE: CoStar 

  • DEALS LEASED 2021
  • DEALS LEASED 2022

Leasing Market Overview

Comparing 2021 vs 2022

Burbank remains one of the highest asking rents in LA county, just behind West LA markets. Overall rent rates dipped to $45.54/SF just after peaking at $47.21/SF in the previous quarter. But like other markets, Burbank struggles to slow down vacancy rates peaking at 5.7% this quarter compared to the beginning of 2022, where vacancy sat at 5.5%.
CoStar data has also shown a positive net absorption after reporting two consecutive negative net quarters.

The City of Burbank recently updated its estimation on the construction of First Street Village to be completed in 2023. First Street Village is a mixed residential-commercial project in Downtown Burbank at First Street between Magnolia Boulevard and the alley southeast of Palm Avenue that includes 275 apartments and 18,876 square feet of retail and commercial space. The City Council approved this project on June 13, 2017.

SNAPSHOT OF LEASES SIGNED

No. Signed Date Start Date Address SF Leased Rent/SF/Mo Months on Market Leasing Rep Company
1 Dec-22 Jan-23 208-224 E Olive Ave Burbank 412 $40.20 1 Mo Lee   & Associates Commercial
2 Nov-22 Dec-23 3520-3524 W Magnolia Blvd Burbank 2000 $28.20    3 Mos Lee & Associates   Commercial
3 Nov-22 Jan-23 2806 W Burbank Blvd Burbank 2000 $33.00    0 Mos The Herman Company
4 Nov-22 Dec-23 1701 W Burbank Blvd Burbank 900 $33.33    1 Mo Core Real Estate, Inc.
5 Nov-22 Dec-23 2501 W Victory Blvd Burbank 1200 $39.00    3 Mos HR Property Group
6 Nov-22 Dec-23 3808 W Riverside Dr Burbank 2093 3 Mos Lee & Associates   Commercial Re…
7 Nov-22 Dec-23 1721-1727 W Burbank Blvd Burbank 600 $35.40    1 Mo Stevenson Real Estate   Services
8 Nov-22 Nov-23 833 N Hollywood Way Burbank 2300 $30.00    5 Mos Cornerstone Realty Advisors
9 Nov-22 Dec-23 616 S Victory Blvd Burbank 3886 7 Mos Pegasus Investments
10 Oct-22 Nov-23 1513-1527 N San Fernando Burbank 1200 $22.20    9 Mos Realty Asset Services
11 Oct-22 Dec-23 275-375 N 1st St Burbank 5006 $48.00    7 Mos Avison Young
12 Oct-22 Nov-23 611 N Orchard Dr Burbank 3900 $21.60    3 Mos Cornerstone Properties
13 Oct-22 Nov-23 4302-4304 W Victory Blvd Burbank 2350 $24.00    2 Mos Fran Fata
14 Oct-22 Nov-23 3601-3609 44928 W Magnolia Burbank 244 $54.00    2 Mos Commercial Asset Group (CAG)
15 Oct-22 Nov-23 916 W Burbank Blvd Burbank 1292 $25.08    8 Mos Lavi & Associates
16 Oct-22 Nov-23 3601-3609 44928 W Magnolia Burbank 529 $52.20    2 Mos Commercial Asset Group (CAG)
17 Oct-22 Nov-23 3116-3118 W Magnolia Blvd Burbank 1510 $54.00    8 Mos Commercial Asset Group (CAG)

SOURCE: CoStar 

Successful Tenants

Meet Tia, owner of Tia Donuts. After leaving Cambodia and arriving in the United States, Tia started working at a donut shop where she learned the basics of baking donuts.

Later after opening her first store in 2005 in San Francisco, she decided to sell it and move to Los Angeles, finding a location in Reseda, between Reseda blvd., and Oxnard st.

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