A report issued by commercial real estate firm states that Sacramento’s vacancy rate for office space is sitting at just above 20 percent, having fallen 0.4 percentage points since the start of the year. Roseville-based firm Cornish & Carey Commercial says that Grub & Ellis’ estimate is incorrect.
According to their research, Sacramento’s office vacancy rate is currently at 22 percent and rising at a rate of 0.5 percentage points per quarter. The firm blames the high number of office vacancies on the economy.
“Companies are reducing the number of expenses, number of jobs…that’s why the vacancies are going up,” John Frisch of Cornish & Carey Commercial tells News10.
The good news out of all of this is that it’s a buyer’s market for commercial real estate. According to Frisch, prices are now about what they were some ten-to-fifteen years ago and landlords and stretching to make deals work out. Some have even offered short-term free rent just to fill the space.
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Source: http://www.news10.net/news/local/story.aspx?storyid=88273&catid=2