The office stock in Pasadena continues to be an attractive spot for a vast array of industries - tech, media, finance, insurance, logistics, etc. The city is considered one of the core submarkets in the Greater Los Angeles area. Being located just around 20 km away from its downtown and perfectly connected to a variety of nearby destinations, Pasadena has already become a recognizable office location in California. Although there is plenty of larger tenants exploring the vacant office space options in Pasadena, a high percentage of requirements comes from small and medium-sized businesses. The city has experienced a significant investment activity within the previous two years. Yet, the absorption rates were also high. Two important large-scale transactions included leases to LA Financial Credit Union and Kaiser. There were both - direct and renewal lease types. Regarding construction, the market will soon benefit from about 600 thousand square feet of new Class A office space. It is going to be a result of the AMLI mixed-use project that is currently in progress in Pasadena.
