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Tri-Cities Office Overview
• Tri-Cities overall vacancy increased by 40 basis points over the quarter, reaching 14.9%.
• Burbank is one of the few submarkets in Los Angeles with single-digit vacancy.
• Overall rent growth was flat over the quarter but has been on the rise in Burbank over the past few quarters.
• Lincoln Property purchased a 238,837-SF office campus at 465 N. Halstead Street where Xencor has leased 148,000 SF.
• Leasing activity was more than double the amount of the previous quarter as well as Q2 2020 when the pandemic started.
• Content-producing tenants attracted to the studio spaces are keeping office demand healthy in Tri-Cities.
• Burbank is one of the few submarkets in Los Angeles with single-digit vacancy.
• Overall rent growth was flat over the quarter but has been on the rise in Burbank over the past few quarters.
• Lincoln Property purchased a 238,837-SF office campus at 465 N. Halstead Street where Xencor has leased 148,000 SF.
• Leasing activity was more than double the amount of the previous quarter as well as Q2 2020 when the pandemic started.
• Content-producing tenants attracted to the studio spaces are keeping office demand healthy in Tri-Cities.
