The Sacramento region's office vacancy rate dipped a fraction of a percentage point in the third quarter to 23.35 percent, according to a quarterly report produced by Cornish & Carey Commercial Newmark Knight Frank.
While the improvement was tiny, it nonetheless was significant, the brokerage said. That's because the region's office vacancy rate has now declined for two straight quarters the first time it has done so in nearly five years.
Cornish & Carey predicted that the vacancy rate will drop further in the fourth quarter, since several large tenants are currently negotiating leases. John Frisch, regional managing director, also cited the improving residential real estate market as a factor.
Large health care providers are among those helping fill the region's empty office buildings, the report said. One big lease by Sutter Health for 295,000 square feet in Roseville was signed in October, just after the third quarter ended.
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