As reported by the SacBee, The Sacramento region office vacancy rate increased in this year's first quarter to an all-time high of 23.74 percent, according to commercial real estate brokerage firm Cornish & Carey Commercial Newmark Knight Frank.
The rate increased 0.36 percent from the previous quarter, reflecting 366,000 square feet of additional vacant space in the region's 22 office submarkets. This is nearly equivalent to the size of "The Emerald Tower" being almost completely empty at 300 Capitol Mall which is an 18-story office tower and 383,238 square feet.
In all, vacant office space in the region totals nearly 16 million square feet. This is not the economic recovery we have been told was right around the corner.