The vacancy rate in the Sacramento retail market came in at 9.03 percent, the lowest in nearly five years, according to the first-quarter 2013 report released today by the regional office of Voit Real Estate Services.
The local retail market posted about 371,000 square feet of positive net absorption in the first quarter.
The downtown/midtown/east Sacramento submarket performed best, with a vacancy rate of only 4.12 percent. The Highway 50 Corridor submarket had the highest rate, at 17.24 percent.
Voit noted that the areas office and industrial sectors also showed positives.
The first quarter statistics throughout all three sectors are promising, said Tyler Boyd, market research analyst at Voit. The large amount of positive absorption for the quarter, in addition to last years, will generate tremendous downward pressure on vacancy rates and may soon begin to raise lease rates something landlords havent seen in over four years.
The vacancy rate in Sacramentos overall office market dropped 0.55 percent to 16.23 percent in the most recent quarter.
Office rents have finally flattened, and we are beginning to see concessions back off, Boyd said.
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