San Gabriel Office Market Snapshot
The San Gabriel Valley office market began 2019 on a positive note, recording 134,200 square feet of absorption, the majority of which came from the East San Gabriel Valley submarket. Among the largest move-ins were L.A. County Department of Child and Family Services (33,800 square feet) at 955 Overland Court in San Dimas and California State University (12,100 square feet) at 1000 S. Fremont Avenue in Alhambra. Vacancy dropped accordingly by 130 basis points to 9.4%. The overall average asking rent slid by $0.01 to $2.31 per square foot (PSF) full service gross (FSG).
Among the notable leases signed this quarter was tax and mortgage tracking company Lereta, LLC agreeing to fully occupy 901 Corporate Center Drive in Pomona, a former Devry University campus building comprising 99,500 square feet. The largest sale for the quarter consisted of Covina Office Building, LLC purchasing 1900 W. Garvey Avenue S. in West Covina from a private trust for $11 million ($226 PSF).
L.A. County non-farm unemployment in February 2019 remained unchanged from last quarter, staying at 4.7%. Year over year, Los Angeles County gained 31,500 jobs for an increase of 0.7%. Educational and health services (+16,400) drove job growth, followed closely by professional and business services (+16,000).