Pasadena Office Vacancies Drop Despite Completions

Fueled by new construction and renovation of existing office buildings, Pasadena continues to be a leading relocation and expansion market for the Los Angeles metropolitan area, according to a survey by Travers Realty Corp.

Absorption of commercial office space has consistently outstripped records set a year ago, and the overall vacancy rate has declined from “an unprecedented” 34% to 20.6%, according to the firm’s John E. Alle.

The 48 buildings surveyed contain 3,719,315 square feet of space, with 767,611 square feet vacant, for the 20.6% figure. Seven of the 48 buildings were completed this year or last and have a vacancy factor of 44% (total square feet: 739,165; vacant: 327,370).

The 44% figure is high, but it is 24% lower than it was when most of the buildings came on the market at the same time, according to James N. Travers, president of the Los Angeles-based concern. He added that the most recent group of new buildings--the first and second phases of the 100 Los Robles Building and the Two North Lake Building--total more than 400,000 square feet of rentable space.

Another good sign for office space in Pasadena is the ongoing renovation of existing structures, Alle added. The largest example of renovation is the nearly completed Arroyo Seco Building, a 94,000-square-foot, seven-story structure at 117 E. Colorado Blvd.