The Sacramento areas office vacancy rate remained unchanged in last years fourth quarter, compared with the third quarter of 2012, according to commercial real estate brokerage firm Cornish & Carey Commercial Newmark Knight Frank.
The regions third- and fourth-quarter rates were locked in at 23.44 percent, although Cornish & Carey noted that some large leases completed late in 2012 will show up in 2013 numbers.
John Frisch, regional managing director of Cornish & Carey, predicted that the areas vacancy rate will edge downward over time.
We expect the office vacancy rate to drop a full point the first half of the year just on four large deals that were signed in late 2012, Frisch said. Two very large leases by Sutter Health and two by the state of California account for nearly 600,000 square feet of new net absorption for the area.
Frisch said the communities of Roseville, Rocklin and Elk Grove are seeing good leasing activity. He expects the Sacramento areas overall vacancy rate to dip by 1.5 to 2 points during 2013, which would represent the largest decline in five years.