Sacramento’s Colliers International third quarter report
found that the downtown market was preforming well while suburban growth has takes off. As reported by
Colliers, office real estate absorption is positive and
vacancies went down. The downtown office vacancy market is the lowest it’s been
in 5 years, but it’s suburban expansion that continues to meet growing demand. Third
quarter rental absorption was 372,254 sf, while only 80,899 sf was in the
downtown market.
This rosy report then brings up the question, what’s going
on with the Vanir Tower on J Street. It was proposed two years ago in November,
yet nothing has been submitted to the Planning and Design Commission even
though a news report in November of last year said it could be built taller.
I’ve seen this game before, at this point the developer only appears to be
looking for free publicity.
Vanir Tower is a joke. Seriously, those guys haven't done anything but make pretty renderings.
ReplyDeleteIf every tower that has been proposed in the last twenty years had been built, the Sacramento skyline would be like SanFrancisco. Talk about demoralizing.
ReplyDelete