BURBANK — Panavision, a leading supplier of film and digital cameras to the motion picture and television industries, has announced plans to relocate to Burbank, merging its Woodland Hills and Hollywood locations into what executives are calling the largest rental facility serving the entertainment industry.
The announcement comes as Burbank, which historically boasts one of the county’s lowest office vacancy rates, shot from 4% in the first quarter to 17.2% in the second, according to real estate market firm Grubb & Ellis.
The jump in unoccupied real estate can be traced to the opening of multistory developments — the Pointe and 2300 Empire Center — ballooning available square footage by 800,000 to more than 1 million, city officials said.