BURBANK
Chandler Park, Magnolia Park, McNeil, Media Center, Northwest District, Rancho Adjacent, and Vega.
Rent Rate
Leasing Activity SF
Vacant Available SF
SOURCE: CoStar
- Q1 - 2021
- Q1 - 2022
- Q1 - 2023
Leasing Market Overview
MEASURING Q1 2023The Burbank retail submarket is experiencing a vacancy rate of 7.2%, which has seen a recent increase of 1.7% over the past 12 months. The leasing market in this area is faced with negative absorption of 150,000 SF and no net deliveries, indicating a decline in the number of tenants. The current average rent stands at $41.00/SF, representing a 1.4% rise compared to last year. The leasing trend shows a cumulative increase of 5.5% over the past three years, which may affect rental affordability for businesses.
Despite the market’s high demand, there are currently no new construction projects planned in the area. Meanwhile, the sales market has seen 32 sales in the past year, with a market sale price of $472/SF, surpassing its trailing three-year average of $453/SF.
SNAPSHOT OF LEASES SIGNED
| No. | Signed Date | Start Date | Address | SF Leased | Rent/SF/Mo | Months on Market | Leasing Rep Company |
|---|---|---|---|---|---|---|---|
| 1 | Jan-23 | Feb-23 | 2000-2010 N. Glenoaks Blvd | 1,900 | 2.51 | 1 | Dilbeck Commercial Real Estate |
| 2 | Jan-23 | Feb-23 | 616 S. Victory Blvd | 2,075 | 2.25 | 9 | Pegasus Investments |
| 3 | Feb-23 | Mar-23 | 220-222 S. Glenoaks Blvd. | 1,251 | 4.35 | 2 | illi Commercial Real Estate |
| 4 | Mar-23 | Apr-23 | 4109-4111 W. Olive Ave | 2,000 | 2.45 | 1 | Berkshire Hathaway HomeServices |
| 5 | Mar-23 | Apr-23 | 231 N. San Fernando Blvd | 1,485 | 5.28 | 6 | SS Commercial Realty |
SOURCE: CoStar