Pasadena, CA - Office Market Overview
The Pasadena real estate market includes the Daisy - Villa, Garfield Heights, and North Central Pasadena commercial real estate 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, which is home to over 13 million residents.
As of mid-2017, the Pasadena office 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, CA, is consistently growing, due to the diverse mix of business and industry within the city limits.
Pasadena, CA - Office Inventory Description
Home to the annual Rose Bowl college football game and the Tournament of Roses Parade, Pasadena also attracts a large number of scientific and cultural institutions. Demand for Class A office space in Pasadena is strong. Of the over 10 million square feet of total office space on the market, nearly 57% is Class A or A+, while Class B office space in Pasadena adds another 39% of inventory to the market.
One of the submarkets in Pasadena that sees a growing demand for Class A office space is the Old Town Pasadena office market. Located south of the I-210 between the 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 - Green Office Space
As with many cities in California, the amount of green office space is Pasadena is abundant and growing. When looking at the larger office buildings in Pasadena that are green LEED-certified, or EPA Energy Star-rated buildings, there are 13 office buildings that contribute nearly 2.8 million square feet of energy-efficient office space to the Pasadena real estate market.
One example of a LEED-certified office building in Pasadena is the Corporate Center Pasadena - Building 201 on South Lake Avenue. Located in the South Lake commercial real estate submarket of Pasadena, this Class A office building was completed back in 1982 and adds over 255,000 square feet of LEED Gold-certified green office space to the total Pasadena office inventory.
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 office building investors increasingly realize the financial benefits of green office space, the amount of energy-efficient offices in Pasadena is sure to continue to increase.
Pasadena, CA's Top Office-Using Sectors
The Pasadena commercial real estate and office markets are driven in large part by top office-using sectors like the financial services, healthcare, government & education, and large corporate office-using businesses.
- Financial Services – Demand for white-collar office space in Pasadena comes from large employers such as Bank of America, OneWest Bank, Western Asset, and East West Bank.
- Healthcare – Institutions such as Kaiser Permanente, Huntington Hospital, and Pacific Clinics help to maintain high office space demand in Pasadena.
- Government & Education – White-collar office employment is also created by organizations such as the Jet Propulsion Laboratory, the California Institute of Technology, Pasadena City College, and the Art Center College of Design.
- Corporate Office – Larger users of Class A office space in Pasadena include AT&T, Hathaway-Sycamores, Rusnak Auto Group, Avery Dennison, Idealab, and Tetra Tech.
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
- Daisy - Villa Demographics
- Garfield Heights Demographics
- Lamanda Park Demographics
- Lower Arroyo Seco Demographics
- North Central Pasadena Demographics
- Old Town Pasadena Demographics
- Playhouse District Demographics
- Prospect Park Demographics
- Raymond Hill Demographics
- South Lake Demographics
- Victory Park Demographics
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