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Regional Summaries

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Sacramento, CA

Apartment
Vacancy in the Sacramento apartment market has run below 4.0% since 2013. And with demand running consistently in excess of new supply, the rate has been under 3.0% since the second quarter of 2014. With 270 units delivering in a single project year-to-date in 2017—net absorption at 244 units left the third quarter vacancy rate at 2.5%, up 10 basis points for the period (third quarter net absorption was negative 89 units) and the same as recorded for year-end 2016. A lack of deliveries over the next two months along with modest negative absorption left the rate unchanged. At $1,201 and $1,173 per month, asking and effective averages for the quarter were up 2.0% and 1.8% year-to-date. Gains for the quarter alone were 0.4% and 0.3%. Gains of 0.2% asking and 0.3% effective followed over the next two months. VIEW APARTMENT LISTINGS >
Industrial
Vacancy in the Sacramento warehouse/distribution sector ended the third quarter of 2017 at 9.8%, down 10 basis points for the period but down fully 190 year-to-date—following a loss of 80 basis points through 2016. The excess of net absorption over new supply indicated for the October-November period shook 30 additional basis points from the rate. Rent growth increased dramatically in 2017. At $4.60 psf and $4.28 psf, third quarter asking and effective rates for warehouse/distribution space, still low by national norms, were up fully 3.1% and 3.4% year-to-date after the annual increases of about 1.5% to about 2.0% recorded for the preceding several years. Respective gains for the third quarter alone were 1.1% and 1.2%. October-November followed with increases to $4.65 psf and $4.33 psf. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in the Sacramento general purpose, multi-tenant office market closed the third quarter of 2017 at 18.1%, down 20 basis points for the period but up 10 year-to-date following a loss of 80 all told in 2016. The same rate is calculated for November. At $25.27 psf and $20.21 psf, third quarter 2017 asking and effective mean rates were up 1.3% and 1.4% year-to-date and were up 0.6% apiece during the third quarter alone. Each average had added a few cents by the end of November. VIEW OFFICE LISTINGS >
Retail
Vacancy in the Sacramento community-neighborhood shopping center market ended the third quarter of 2017 at 10.5%, unchanged for the period and down 20 basis points year-to-date after a 50-basis-points increase through 2016. At $23.51 psf and $19.61 psf, third quarter average asking and effective rents were up 1.7% and 1.8% year-to-date following gains of just 1.0% each all told the year before. Gains for the third quarter alone were 0.8%. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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