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Regional Summaries

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Sacramento, CA

Apartment
Vacancy in the Sacramento apartment market ended the fourth quarter of 2016 at just 2.5%, unchanged for the period but down 20 basis points for the year. Rent growth has been exceedingly strong. At $1,178 and $1,152 per month, average asking and effective rates for the fourth quarter were up fully 7.9% and 8.5% for the year. Growth rates in the fourth quarter alone were 1.6% for both averages. January 2017’s modest net absorption total alongside no new supply shaved 10 basis points from the vacancy rate while each average rent grew by 0.4%, an early indicator of ongoing strong rent growth. VIEW APARTMENT LISTINGS >
Industrial
Vacancy in the Sacramento warehouse/distribution market is moderate and descending. The warehouse/distribution sector rate in the fourth quarter of 2016 was 11.7%, down 20 basis points for the period and down 70 for the year. Fourth quarter asking and effective averages for warehouse/distribution space were $4.45 psf and $4.13 psf, up 1.6% and 1.5% for the year. Growth rates in the fourth quarter alone were 0.5% and 0.2%, respectively. The year 2017 began on a strong note. A lack of warehouse/distribution space deliveries during January was accompanied by 33,000 square feet of net absorption, a 10-basis-points decline in the vacancy rate, and gains of 0.2% for both average rents. VIEW INDUSTRIAL LISTINGS >
Office
The Sacramento general purpose, multi-tenant office market continues to tighten. Vacancy ended 2016 at 18.1%, down 60 basis points since the third quarter and down 80 for the year. Rent growth, weak for a number of years, picked up in 2015 with gains of 2.5% and 2.6% recorded for the asking and effective averages. Similar gains followed in 2016. At $24.94 psf and $19.94 psf, fourth quarter asking and effective mean rates represented increases of 2.2% and 2.5% for the year. Gains in the fourth quarter alone were 0.6% and 0.7%. The negative net absorption at 22,000 square feet that followed in January 2017 was accompanied by gains of 0.1% for both rates while the vacancy rate remained unchanged. VIEW OFFICE LISTINGS >
Retail
Vacancy in the Sacramento community-neighborhood shopping center market ended the fourth quarter of 2016 at 10.5%, up 10 basis points for the period and up 30 for the year. At $23.12 psf and $19.26 psf, fourth quarter average asking and effective lease rates for community-neighborhood center space were up just 1.0% each for the year. Growth rates in the fourth quarter alone were negative at 0.2% and 0.3%. A small positive net absorption total in January 2017 left the vacancy rate and rent growth essentially flat for the month. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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