Pasadena Office Rate Slows

The office vacancy rate for 49 Pasadena buildings with 3,743,315 square feet is in the 16% to 19% range, with overall space absorption significantly less in 1986 compared to 1985, according to a survey conducted by John Alle Co.

The Los Angeles and Pasadena commercial real estate firm noted that leases signed last year involved more small tenants than the previous year. In buildings surveyed by the Alle company that were larger than 30,000 square feet, only about 180,000 square feet of space was leased, contrasted to a total of about 450,000 square feet in 1985.

“Pasadena is witnessing the return of small two- or three-person professional firms, many from downtown Los Angeles, whose executives live in Pasadena, South Pasadena, San Marino or surrounding areas and who wish to do business close to their homes,” Alle explained.