Pasadena Leads Tri-Cities Market

LOS ANGELES- “Of the three [tri-cities] markets, Pasadena is the strongest right now,” according to market expert Patrick Church, who joined Jones Lang LaSalle last week as managing director along with his tri-cities partner Anneke Greco, who came on board as VP, GlobeSt.com reported exclusively. The duo formerly worked at CBRE and controlled 4 million square feet of institutional business in the tri-cities market.  With new development projects breaking ground later this year and investment activity picking up, Pasadena is leading the pack.

With vacancy rates at about 12%, Church believes the Pasadena market is returning to its glory days in 2007 when vacancy was at a low 2.5% with an 8.5-million-square-foot base. “It took a while to get back to where we are today. I think when you really dissect [the 12% vacancy rate] and take out some of the D- and C-quality product, the vacancy is really single digits, probably closer to 8%,” Church tells GlobeSt.com.