The Sacramento area’s office vacancy rate dipped to 22.38 percent in this year’s third quarter, but that represented a six-year low, according to the Sacramento commercial real estate brokerage firm of Cornish & Carey Commercial Newmark Knight Frank.
The rate was 23 percent in the second quarter, 23.3 percent in the first quarter and 23.44 percent in last year’s fourth quarter.
John Frisch, regional managing director of Cornish & Carey, noted: “While this does not exactly call for a celebration, it nevertheless is a continuing positive sign for an office market badly in need of some good news ... For the first time in five-plus years, we can tell people that the increase in leasing activity in the region is actually measurable instead of being strictly intuitive.”
Frisch also said that, for the first time since 2007, there is a chance to exceed 1 million square feet of new net leasing activity in the region, with net absorption through three quarters coming in at 726,265 square feet.
The report said there are about 14.88 million square feet of vacant space in the region.
Call The Bee’s Mark Glover, (916) 321-1184.