Sacramento Office Market Report
The Sacramento office vacancy rate rose to 16.7% in the fourth quarter from the previous quarter’s vacancy rate of 16.5%. Net absorption posted a negative 211,022 square feet during the quarter bringing the year-to-date net absorption total to just over negative 2.0 million square feet. Only two large buildings (255,000 square feet and 314,000 square feet) in the Aggie Square project are currently under construction. It should be noted that an additional 1.9 million square feet of government or medical buildings are currently under construction but will not be included in the office study inventory.
Sacramento Industrial Market Report
The Sacramento industrial posted a vacancy rate of 5.0% up from a vacancy rate of 3.8% in the fourth quarter of 2023. As expected, the vacancy rate increased as over 1.9 million square feet completed construction in the first quarter. The industrial market posted a net absorption total of 256,684 square feet which is the smallest first quarter net absorption total in the last five years.. The Sacramento region currently has over 765,000 square feet under construction, all of which is scheduled to be completed in 2024.
Download Sacramento Industrial Market Report 1Q24