We first reported on the increasing vacancy rates along Pasadena’s South Lake Avenue several months ago. The LA Land Blog has a similar article today about the “for Lease” signs in Pasadena’s central business district.
After that article was written, residential real estate values in Pasadena have continued to decline as home buyers and sellers continue to weigh the pros and cons of buying and selling now as opposed to factoring in that 
unknown variable known as “timing”. Commercial real estate on the other hand hasn’t readilly moved in unison with the residential market. Drive by observations on some of the main thoroughfares in Pasadena and South Pasadena indicate several vacancies of unoccupied office and retail space. Commercial property landlords now have to face the realities that many home sellers are facing. To fill those vacancies that are “for lease”, landlords are finding they have to become more negotiable in terms of rental rates, tenant improvements and lease terms.
Pasadena’s South Lake Boulevard
If you were going to drive the main drag in Pasadena, would it be on Colorado Boulevard or up and down South Lake Avenue? Probably a toss up. However my route to the 
office in the morning takes me down South Lake. I can pick up a bagel and a cup of coffee as I try to avoid that train that runs through the City and seems to catch me at every red light. One thing I have noticed at the places I frequent, they don’t appear to be as busy these days. When I can walk into Starbucks and proceed right up to the counter and order a tall drip in a Grande cup and not have to wait in line, well to me that is unheard of. It never used to happen. Is it a sign of the economic times and the end of the $4 Mocha, or is there just too many unoccupied office and retail spaces in the area? My guess is that it is a combination of both. 
When the Wild Oats store was closed, the pedestrian traffic on South Lake may have shifted over to Colorado. Hopefully help is on the way, as the new Fresh & Easy store in Pasadena is reported on the company’s web site to be “opening soon”. As for now we can enjoy the smaller lines and quicker wait times.
I need to go to the post office later today. That seems to be a line that just never goes away.
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