Pasadena Office
Overview
CBRE RESEARCH
JANUARY 2026
Q4 2025 Submarket Report
LOS ANGELES
NORTH
PRESENTED BY:
JACKIE BENAVIDEZ
FIRST VICE PRESIDENT
CBRE
2 CBRE RESEARCH © 2026 CBRE, INC.
FIGURES | TRI-CITIES OFFICE | Q4 2025
N ote: A rrow s indicate change from previous quarter.
FIGURES | TRI-CITIES | Q4 2025
Net absorption remains positive
through the end of 2025
MARKET HIGHLIGHTS
• Average direct asking rates stayed flat quarter-over-quarter at $3.90 FSG, which was a 0.8% decrease year-over-year (YoY). Class A direct asking rates decreased by 1.2% YoY to $4.04 FSG, while Class B direct asking rates slightly increased by 0.6% YoY to $3.12 FSG. • The total availability rate in Q4 2025 was 29.2%, down from 32.0% in Q4 2024. Sublease availability also fell to 3.5%, from 5.8% in Q4 2024.
• Notable Q4 leases included a confidential occupier taking 71,000 sq. ft. at 10 Universal City Plaza in Universal City, and Concorde Nursing School leasing 55,000 sq. ft. at 115 N 1 st St in
Burbank.
• A confidential buyer acquired 2964 Bradley St in Pasadena for $78.8 million, or $479.95 per sq. ft. for the 164,000 sq. ft. property.
• Financial activities employment in L.A. County decreased by 1.5% YoY in Q4, and professional and business services employment decreased by 2.6% YoY. Health care and social assistance employment increased by 5.6%, motion picture and sound recording employment increased by 2.0% YoY, and government employment increased by 0.3% YoY.
26.2%
Vacancy Rate
44K
SF Net Absorption
326K
SF Under Construction
$3.90
Direct Asking
Lease Rate, FSG
FIGURE 1: Vacancy & Net Absorption Trend
Net Absorption SF
Vacancy
Source: CBRE Research, Q4 2025.
0%
3%
5%
8%
10%
13%
15%
18%
20%
23%
25%
28%
30%
-600K
-500K
-400K
-300K
-200K
-100K
0K
100K
200K
300K
400K
500K
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net Absorption Vacancy
5.7%
Unemployment Rate,
Nov. 2025 Prelim.
Los Angeles County
3 CBRE RESEARCH © 2026 CBRE, INC.
FIGURES | TRI-CITIES OFFICE | Q4 2025
FIGURE 2: Submarket Statistics
Bldg.
Count NRA
Direct
Vacancy
Rate
Overall
Vacancy
Rate
Overall
Availability
Rate
Net
Absorptio
n
Q4
Net
Absorption
YTD
Class A
Avg. Ask
Overall
Avg. Ask
Under
Const.
Deliverie
s
Arcadia/
Monrovia 21 1,485,147 13.2% 13.5% 17.9% 17,625 (38,481) $3.70 $3.20 0 0 Burbank 73 8,715,757 25.5% 30.5% 32.6% 10,238 64,787 $4.56 $4.47 326,000 0 Glendale 55 6,803,092 26.3% 27.5% 33.3% 61,231 133,581 $3.42 $3.42 0 0 North
Hollywood 11 1,267,803 24.0% 33.5% 36.0% (17,850) (81,196) $3.93 $3.76 0 0 Pasadena 70 8,851,089 21.7% 23.4% 27.3% (23,566) 28,982 $4.13 $3.88 0 0 Studio City 6 324,401 25.2% 25.2% 26.5% 4,227 (50,300) $4.21 $3.90 0 0 Universal City 5 1,166,572 15.2% 15.2% 15.7% (7,647) (26,273) $3.18 $3.08 0 0 Class A 122 21155200 26.7% 30.3% 33.3% (105,316) 69,922 N/A $4.04 326,000 0 Class B 119 7458661 14.0% 14.6% 19.7% 149,574 (38,822) N/A $3.12 0 0 Tri-Cities 241 28,613,861 23.4% 26.2%
29.8% 44,258 31,100 $4.04 $3.90 326,000 0
Source: CBRE Research, Q4 2025.
Tenant Address SF Leased Type
Confidential
10 Universal City
Plaza,
Universal City
71,289 New Lease
Concorde Nursing
School
115 N. 1
st St,
Burbank 55,000 New Lease
Four Seasons Marketing 801 N. Brand Blvd,
Glendale 48,002 New Lease
Weaver and Tidwell 75 N. Fair Oaks,
Pasadena 30,628 New Lease
Parsons 385 E. Colorado Blvd,
Pasadena 30,117 Sublease
FIGURE 3: Notable Lease Transactions Q4 2025
FIGURE 4: Notable Sale Transactions Q4 2025
Buyer Address SF Sold Sale Price
Confidential 2964 Bradley St,
Pasadena 164,101 $78.8MM
GD Realty Group 695 & 709 Colorado Blvd,
Pasadena 53,413 $11.1MM
Law Offices of
Luis A. Carrillo
1600 Huntington Dr,
South Pasadena 18,517 $7.3MM
Joseph Perez 2619 E. Colorado,
Pasadena 10,914 $6.5MM
Arsen Agajanian 416-418 E. Colorado St,
Glendale 6,000 $4.5MM
4 CBRE RESEARCH © 2026 CBRE, INC.
FIGURES | TRI-CITIES OFFICE | Q4 2025
PASADENA OFFICE SNAPSHOT
5 CBRE RESEARCH © 2026 CBRE, INC.
FIGURES | TRI-CITIES OFFICE | Q4 2025
PASADENA OFFICE SNAPSHOT
6 CBRE RESEARCH © 2026 CBRE, INC.
FIGURES | TRI-CITIES OFFICE | Q4 2025
PASADENA OFFICE SNAPSHOT
7 CBRE RESEARCH © 2026 CBRE, INC.
FIGURES | TRI-CITIES OFFICE | Q4 2025
PASADENA OFFICE SNAPSHOT
Retail
Forecast Review
Q1 2026
Retailer margins held up better than expected in 2025
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Profit Margin - Trailing 4Q Average
Source: Quarterly financial report on retailers with over $50MM in assets Retail construction activity remains suppressed by higher costs 0 5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
0 10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
90,000,000
100,000,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Construction Starts
Under Construction
Under Construction Construction Starts
Source: CoStar, January 2026
Note: Based upon aggregation of National Retail Index Markets Most US markets have virtually nothing underway
2.3%
1.6%
1.2%
1.1%
1.0%
0.8%
0.7%
0.7%
0.7%
0.6%
0.6%
0.6%
0.6%
0.5%
0.5%
0.5%
0.5%
0.4%
0.4%
0.4%
0.0% 1.0% 2.0% 3.0% 4.0%
Austin
Dallas
Miami
Phoenix
San Antonio
Nashville
Las Vegas
Orlando
Cincinnati
Jacksonville
Houston
Indianapolis
Inland Empire
Oklahoma City
Saint Louis
Charlotte
Northern New Jersey
National Index
Norfolk
Tampa
Under Construction Percent of Inventory
0.3%
0.3%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0% 0.5% 1.0% 1.5% 2.0%
Washington
Sacramento
Fort Lauderdale
Long Island
San Diego
Portland
Minneapolis
Columbus
Orange County
Chicago
Atlanta
Seattle
New York
Los Angeles
Philadelphia
Cleveland
Milwaukee
Baltimore
Providence
Pittsburgh
Source: CoStar, January 2026
Rising retail sales growth should support higher rents
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Year-over-year Growth
Rolling 4Q Adjusted Sales Growth NNN Rent Market Rent
New Tenants and Lease Renewals in Pasadena (30)
Pasadena - New Tenants and Lease Renewals
Glendale - New Tenants and Lease Renewals (20)
Burbank - New Tenants and Lease Renewals (21)
Los Angeles County Retail Data
Pasadena Retail Data
Glendale Retail Data
Burbank Retail Data
Pasadena Restaurant data
Glendale Restaurant Data
Burbank Restaurant Data
National STR Data
Pasadena STR Data
Glendale STR Data
Burbank STR
Key take aways
• Higher Construction costs and limited supply means retail rents should continue to increase.
• Investors are targeting retail again as strong fundamentals, a lack of supply and waning interest in other sectors.
• Sourcing shopping center deals has grown more difficult as a deeper investor pool of investors chase fewer available deals