Office Vacancies in Pasadena Nearly Halved During 1987

At the end of 1987, Pasadena had an overall office vacancy rate of 8.8%, almost half the 16% at the end of 1986, according to a survey by John Alle Co., a Pasadena/Los Angeles commercial brokerage firm.

The 62 buildings surveyed by Alle have 4,162,549 square feet, with 366,595 square feet available. However, there are only 78,269 square feet available in institutional quality high-rises, or 4.2% of the total space of 1,821,801 square feet in that category.

About 1 million square feet of office space is in construction, including Trenton Development’s 300,000-square-foot Gateway Plaza and the 205,000-square-foot building of the Operating Engineers, on Lake Avenue, off the Foothill (210) Freeway.

Other projects under construction include Plaza Las Fuentes, with 400,000 square feet; the 119,000-square-foot 200 South Los Robles Building, and the 200,000-square-foot first phase of a project by Ahmanson Commercial Development Co.