Office vacancies rise again in Glendale, Burbank

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Office vacancy rates climbed to 19.4% in Glendale and 17.7% in Burbank through the third quarter of 2009, according to the most recent data published today by real estate firm Grubb & Ellis.

The rates were 17.2% in both cities, according to the firm’s second-quarter report, but experts say recent construction caused the additional rise in Glendale.

The completion of a 188,000-square foot property at 207 Goode Ave. caused the rise in Glendale’s empty space, although that was countered somewhat by 18,590 square feet of newly rented space.

This  is the second consecutive quarterly rise in office vacancies for both cities. A year ago, 5% of Burbank office space was vacant and the rate was 14.8% in Glendale, according to the report.

Check back Tuesday for extended coverage of local office real estate markets.

Written by Zain Shauk

October 14, 2009 at 11:54 am

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