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 vacancy rate increased slightly during the fourth quarter of 2023 to 3.8% from 3.4% in the third quarter of 2023. New construction for the quarter totaled 874,950 square feet. The industrial market posted a net absorption totaled just over 102,000 square feet bringing the year-to-date net absorption total to over 1.1 million square feet. The Sacramento region currently has 2.5 million square feet under construction which is all scheduled for completion in 2024.
Download Sacramento Industrial Market Report 4Q23