Sacramento office market reports
Q2 2022: Despite an uptick in activity, the Sacramento office market ended the second quarter little changed from the previous quarter. Conversely, most Sacramento office tenants are dedicated to office leasing and working to repopulate the office environment.
The State of California has taken a significant step in the path to normalcy. Recently government agencies have required some form of return to office that could boost occupancy, increase foot traffic, and promote retail.
Demand remains low as the hybrid work model continues to keep return to office decisions in flux.
Currently, only one non-government office building is under construction totaling 275,000 sf with completion during fall 2022.
In Q2 2022 the vacancy rate for the Sacramento office market has hovered above 12% over the last five quarters as demand for space is limited.
As the State of California moves out of its leased properties and into newly constructed, state-owned buildings, the amount of available space will increase over the coming quarters.
Average Asking Rates
The average asking rent in Q2 2022 was $2.17 full service as leasing demand remains lackluster and vacancy is elevated.
Sales volume and activity was nearly identical to conditions in Q1 2022. Investor interest and activity remained consistent, albeit fundamentals were lower than historical averages.
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Get in-depth office market reports and insights from commercial real estate experts in the Greater Sacramento area. Avison Young advisors look at Sacramento commercial real estate activities and the latest Sacramento statistics to provide you expert market research on Sacramento's office properties.
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