On average, listings lease in the $30's per square foot per year. The Old Pasadena submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 4% decline in rent.
Compared to the rest of the Metropolitan Los Angeles market, the Old Pasadena region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 15 listings have been posted online, which means leases are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 7% of the available space in the Old Pasadena are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,310 sqft. Most buildings in this market are approximately 3 stories. Most buildings in this market were built in 1923 and are Class C.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this market. Commute by public transit is the most popular way to get to work amongst Old Pasadena residents. Commuting approximately 15 minutes a day is the norm for those who opt to reside in this part of town.