| |
|
Empty Office Completions Add To A Growing Vacancy Rate
Vacancy rates in the Tri Cities office market received no relief this quarter as an additional 665,600 SF of newly constructed space was delivered to the market vacant. 479,100 SF of this newly vacant space was constructed in Burbank as phase I of the Pointe, a 44 acre project in the heard of Burbank’s media district, was completed and delivered vacant this quarter.
Also delivered vacant this quarter was 207 Goode, a 186,500 SF Class A building in Glendale.
These completions, coupled with negative net absorption that took place this quarter, raised the office vacancy rate in the Tri Cities office market from 13.3% last quarter to 15.3% for the current quarter. This strong increase in the vacancy rate has forced asking rents to decline. The weighted average
asking lease rate decreased from $2.80 FSG last quarter to $2.71 FSG this quarter, a 3 percent decline in this quarter alone.
Contact Thomas Galvin at 909-937-6309 for more information.
  OFFTRI09Q2.pdf
Email Report Link To Your Friend
|
|