The vacancy rate in the Sacramento region retail market dipped to 8.83 percent, according to the third-quarter 2013 commercial real estate report by the regional office of Voit Real Estate Services.
That was down from 9.03 percent in this years second quarter and represented the seventh consecutive quarter of a rate decrease.
The local retail market posted nearly 500,000 square feet of positive net absorption in the third quarter. By comparison, absorption in this years second quarter totaled about 211,000 square feet.
In its office market report, Voit said the areas office vacancy rate in the third quarter was 15.59 percent, compared with 15.94 percent in the second quarter. It was the fifth consecutive quarter that saw a vacancy decrease.
Voits report noted that while the sub-9-percent retail vacancy rate and quarterly absorption surge were positive signs, job growth and housing stability will need to continue to improve in coming quarters for the market to fully recover.
Call The Bees Mark Glover, (916) 321-1184.