The vacancy rate in the Sacramento region retail market came in at 9.14 percent in this years first quarter, the best opening-quarter result in five years, according to the latest commercial real estate report by the regional office of Voit Real Estate Services.
In addition, the (retail) market posted over 815,000 square feet of positive net absorption, said Bianca Cruz, market research analyst at Voit.
Cruz also noted that the office market in the Sacramento region has had positive net absorption, averaging over 250,000 square feet a quarter, giving the market its ninth consecutive quarter of positive net absorption for a total of 2.6 million square feet.
The report also showed continued post-recession recovery in the Sacramento-area industrial market, with vacancy decreasing to 11.23 percent, the lowest rate since the second quarter of 2009.
As we enter into the second quarter of 2014, we are excited to see the Sacramento office, retail, and industrial markets improving, and we expect positive absorption and decreasing vacancy rates for future quarters as well, said Kevin Sheehan, Voits Northern California managing director.
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