As companies continue to face the reality of the current economic climate, more sublease space is being added to the market. According to a property listing from Cresa, a more than 78,000 square foot sublease space in Burbank’s Media Studio North office campus is being added to a number of availabilities throughout the Greater Los Angeles area.
The available space, located at 3333 Empire Ave., would consist of 78,064 square feet between the fourth and fifth floors and would be available immediately through January of 2027, according to Cresa, which did not respond to requests for comment. The property appears to be occupied by Hasbro Inc. as the company currently occupies a nearly 80,000 square foot space at the same property.
In total, the Media Studio North campus consists of a 207,885 square foot building with a mix of meeting rooms, collaboration rooms and private offices, according to Cresa. Amenities at the Media Studios North Campus also includes a health club facility, volleyball court, basketball court and more, the leasing brochure shows.
In 2016, Hasbro, Inc. announced that it was moving into the space at 3333 Empire Ave. At that time, the global toy and game developer moved from its previous 45,000 square foot space at N. Hollywood Way and signed a 10-year lease at the current space, according to a news release from the company at that time.
The recent sublease in Burbank adds to a growing trend of companies placing space back on the market for sublease. In a third quarter earnings call last week, Meta announced it would be spending around $2 billion, or roughly two percent of its entire expenses in 2023, to consolidate its office space around the globe, according to previous reporting from The Registry. The firm also announced that just in the fourth quarter of this year, it plans to spend an estimated $900 million in order to streamline its office leases on top of the $413 million spent on the same effort during the third quarter.
Throughout the Greater Los Angeles area, sublease availability has reached record levels, making up for more than 4.4 percent of total inventory, a third quarter office market report from JLL shows. Overall, vacancy in the Greater Los Angeles area has reached 21.3 percent in the third quarter, with sublease vacancies accounting for 4.3 million square feet of total inventory.
