Burbank Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $54.13 2023 Avg. Asking Rent
  • -0.41% Y-o-Y Avg. Asking Rent Change
  • 13.55% 2023 Office Vacancy Rate

Burbank office price per square foot in 2023 was $54.13 on average. This marked a -0.41% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.55% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Burbank Class A & A+ Office Space$55.69
  • Burbank Class B Office Space$37.80
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

Burbank, CA Office Asking Rents by Class

2023 Office Vacancy Rates in Burbank

Submarket Asking Rents Vacancy Rates
Burbank $54.13 13.61%
Antelope Valley $22.57 2.00%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Burbank market was 13.55% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Burbank was 2.00% in the Antelope Valley submarket, while the highest office vacancy in the market was 13.61%, recorded in Burbank.

Office Spaces for Rent in California

Coworking Spaces in California

2023 Office Construction in Burbank, CA

  • Burbank, CA Total SF completed in 2023 800,000

During 2023, 800,000 square feet of new office space were delivered across the market. At the close of 2023, the Burbank office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 800,000 square feet of office space.

Largest Office Properties Recently Completed in Burbank
Office building Address SF Completed
3051-3055 N Hollywood Way 3051-3055 N Hollywood Way, 91505 18,750 2022
3021-3025 N Hollywood Way 3021-3025 N Hollywood Way, 91505 16,500 2022
3031-3035 N Hollywood Way 3031-3035 N Hollywood Way, 91505 16,500 2022
3041-3045 N Hollywood Way 3041-3045 N Hollywood Way, 91505 14,250 2022
3071-3075 N Hollywood Way 3071-3075 N Hollywood Way, 91505 14,250 2022
The Pointe 2900 W. Alameda Blvd., 91505 473,672 2009
The Pointe 2900 West Alameda Avenue, 91505 480,645 2008
Providence Saint Joseph Medical Center - Burbank Medical Plaza II 191 South Buena Vista Street, 91505 94,427 2008
Pinnacle II 3300 West Olive Avenue, 91505 231,000 2005
Media Studios North - Phase IV 3333 West Empire Avenue, 91504 200,095 2005

Worth noting among recent office completions on the Burbank market is 3051-3055 N Hollywood Way, which is currently the largest new office development in the city, at 18,750 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Burbank commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.