Vacancy Rates Drop in Burbank and Glendale

Vacancy rates in the Burbank and Glendale office space markets declined during the second quarter ended June 30, according to a study by Glendale-based CB Commercial Real Estate Group Inc.

Among office buildings with 100,000 square feet of space or more, the total vacancy rate in Burbank dipped to 6.7% at the end of the second quarter, the report said, down from 8.9% for the first quarter. In the second quarter a year ago, the vacancy rate among such buildings was 10.5%.

Burbank has 11 buildings in the 100,000-square-foot category for a total availability of 2.5 million square feet. Total vacancy reflects office space immediately available, whether through a direct-lease or sub-lease arrangement.

In Glendale, the vacancy rate for the recent quarter was 12.2%, compared to 14.6% for the previous quarter, and 14.4% for the second quarter of 1993. Glendale has 16 buildings with 100,000 square feet or more, for a total availability of 3.59 million square feet.

“Burbank continues to benefit from the office requirements of media-related companies,” said William R. Boyd, senior vice president at CB Commercial. “Glendale benefits from companies not able to find available space in Burbank.”

Including smaller office buildings--those with 30,000 square feet or more--the vacancy rate at the end of the second quarter was 9.5% in Burbank and 13.2% in Glendale. Both figures represented slight declines from the previous quarter.

Among buildings with 30,000 square feet or more, the vacancy rates of other cities covered by the report include 26.8% in North Hollywood, 18.5% in Studio City, and 7.4% in Universal City. Rates for previous quarters were not available for these cities, a CB Commercial spokesman said.