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.
© Copyright The Sacramento Bee. All rights reserved.
• Read more articles by Mary Lynne Vellinga
What You Should Know About Comments on Sacbee.com
Sacbee.com is happy to provide a forum for reader interaction, discussion, feedback and reaction to our stories. However, we reserve the right to delete inappropriate comments or ban users who can't play nice. (See our full terms of service here.)
Here are some rules of the road:
• Keep your comments civil. Don't insult one another or the subjects of our articles. If you think a comment violates our guidelines click the "Report Abuse" link to notify the moderators. Responding to the comment will only encourage bad behavior.
• Don't use profanities, vulgarities or hate speech. This is a general interest news site. Sometimes, there are children present. Don't say anything in a way you wouldn't want your own child to hear.
• Do not attack other users; focus your comments on issues, not individuals.
• Stay on topic. Only post comments relevant to the article at hand.
• Do not copy and paste outside material into the comment box.
• Don't repeat the same comment over and over. We heard you the first time.
• Do not use the commenting system for advertising. That's spam and it isn't allowed.
• Don't use all capital letters. That's akin to yelling and not appreciated by the audience.
• Don't flag other users' comments just because you don't agree with their point of view. Please only flag comments that violate these guidelines.
You should also know that The Sacramento Bee does not screen comments before they are posted. You are more likely to see inappropriate comments before our staff does, so we ask that you click the "Report Abuse" link to submit those comments for moderator review. You also may notify us via email at feedback@sacbee.com. Note the headline on which the comment is made and tell us the profile name of the user who made the comment. Remember, comment moderation is subjective. You may find some material objectionable that we won't and vice versa.
If you submit a comment, the user name of your account will appear along with it. Users cannot remove their own comments once they have submitted them.
Order Reprint
About Comments
Reader comments on Sacbee.com are the opinions of the writer, not The Sacramento Bee. If you see an objectionable comment, click the "Report Abuse" link below it. We will delete comments containing inappropriate links, obscenities, hate speech, and personal attacks. Flagrant or repeat violators will be banned. See more about comments here.