Pasadena, CA Office Overview
The Pasadena market includes the Daisy - Villa, Garfield Heights, and North Central Pasadena submarkets. While the population of Pasadena is at just over 142,000, the city is also part of the much larger Los Angeles metro area, with over 13 million residents.
As of mid-2017, the market encompasses over 10.2 million square feet of existing office space in properties larger than 50,000 square feet. The commercial real estate market in Pasadena is consistently growing due to the diverse mix of financial services, healthcare, and education.
Pasadena, CA Office Inventory Description
Home to the Rose Bowl and the Tournament of Roses Parade, Pasadena also attracts many scientific and cultural institutions. Demand for Class A office space is strong. Of the over 10 million square feet of total office space on the market, nearly 57% is Class A, while Class B adds another 39%.
Old Town Pasadena is seeing growing demand for Class A space. Located south of I-210 between I-710 and South Marengo Avenue, this area is home to large investment-grade office buildings such as 100 Corson Street, The Walnut Plaza, and the Chamber of Commerce Building on East Colorado Boulevard.
Pasadena, CA Commercial Inventory Breakdown
Office Spaces
Total: 11,776,834 SF
By square footage range:
- 50k to 100k SF: 2,544,350 SF / 21.6% of total office
- 100k to 500k SF: 8,523,410 SF / 72.37% of total office
- 500k to 1M SF: 709,074 SF / 6.02% of total office
By class:
- Class A: 6,202,552 SF / 52.67% of total office
- Class B: 4,520,983 SF / 38.39% of total office
- Class C: 405,809 SF / 3.45% of total office
Top 10 Largest Office Buildings
in Pasadena
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Walnut Center | 393 East Walnut Street, 91188 | 709,074 | 1983 |
| 100 West Walnut - Phase 2 | 100 West Walnut Street, 91124 | 402,500 | n/a |
| Bank of America Building | 101 South Marengo Avenue, 91101 | 333,027 | 1974 |
| 177 Colorado | 177 East Colorado Blvd, 91101 | 291,735 | 1970 |
| Gateway Plaza Pasadena | 300 North Lake Avenue, 91101 | 281,896 | 1988 |
| Western Asset Plaza | 385 East Colorado Blvd, 91101 | 269,885 | 2003 |
| Parsons Campus - East Annex | 75 North Fair Oaks Avenue, 91103 | 256,000 | 1977 |
| Parsons Campus - West Annex | 74 North Pasadena Avenue, 91124 | 255,808 | 1981 |
| Corporate Center Pasadena - Building 201 | 201 South Lake Avenue, 91101 | 255,343 | 1982 |
| Corporate Center Pasadena - Building 225 | 225 South Lake Avenue, 91101 | 254,523 | 1982 |
Most Recently-Built Office Buildings
in Pasadena
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Alexandria Real Estate Equities Headquarters | 26 North Euclid Avenue, 91101 | 82,000 | 2019 |
| 909 South Fair Oaks Avenue | 909 South Fair Oaks Avenue, 91105 | 74,800 | 2017 |
| 686 South Fair Oaks Avenue | 686 South Fair Oaks Avenue, 91105 | 35,000 | 2017 |
| Playhouse Plaza | 680 East Colorado Blvd, 91101 | 155,002 | 2015 |
| Fillmore Raymond Medical Office Building | 800 South Raymond Avenue, 91105 | 35,201 | 2008 |
| 630 South Raymond Avenue | 630 South Raymond Avenue, 91105 | 49,652 | 2006 |
| The Royal | 443 South Raymond Avenue, 91105 | 77,800 | 2005 |
| Huntington Pavilion | 625 South Fair Oaks Avenue, 91105 | 183,506 | 2004 |
| Western Asset Plaza | 385 East Colorado Blvd, 91101 | 269,885 | 2003 |
| Pasadena Corporate Park - Phase II & III | 3475 East Foothill Blvd, 91107 | 123,970 | 2002 |
Pasadena, CA Green Office Space
As with many cities in California, the amount of green office space is Pasadena is abundant and growing. There are 13 LEED-Certified or EPA Energy Star-Rated buildings that contribute nearly 2.8 million square feet of energy-efficient office space the market.
One example is the Corporate Center Pasadena - Building 201 on South Lake Avenue. Located in the South Lake submarket. This Class A property was completed in 1982 and added over 255,000 square feet of LEED-Certified Gold office space to the city.
The 2017 National Green Building Adoption Index surveyed the 30 largest office markets in the U.S. and learned that, since 2005, the percentage of energy-efficient, green office space has increased by about 33% on average across these top markets. As Class A office tenants and investors increasingly realize the financial benefits of green office space, the amount of energy-efficient offices in Pasadena will continue to increase.
Pasadena, CA's Top Office-Using Sectors
Significant demand for Class A office space comes from the financial services, healthcare, government & education, and large corporate user segments.
- Financial Services – Large employers such as Bank of America, OneWest Bank, Western Asset, and East West Bank drive local demand.
- Healthcare – Kaiser Permanente, Huntington Hospital, and Pacific Clinics have large footprints.
- Government & Education – The California Institute of Technology, Pasadena City College, and the Art Center College of Design are major attractors.
- Corporate Office – AT&T, Hathaway-Sycamores, Rusnak Auto Group, Avery Dennison, Idealab, and Tetra Tech all have significant presence.
Pasadena Demographics
Population
- Total Population141,231
- Male Population(48.3 %) 68,217
- Female Population(51.7 %) 73,014
- Median Age37.90
Income/Financial
- Average Household Income$109,871
- Median Household Income$76,264
- Median Income Under 25$26,742
- Median Income 25-44$81,738
- Median Income 45-64$91,163
- Median Income Over 65$56,767
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