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A 67,500-square-foot building at Victory Media Campus, which Comcast recently leased. (Inset: A rendering of the future Comcast offices in Burbank.)
While vacancies rise and rents decline dramatically across Los Angeles amid the downturn, especially on the Westside, Burbank is a bright spot, thanks partly to a major Netflix lease.
When asked how the recession and pandemic have affected L.A. s commercial real estate market, Ryan Patap, director of analytics at data group CoStar, is blunt: It s bad. Over the past two quarters, we ve seen vacancy rise at its fastest pace in more than a decade.