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 2022Burbank 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