It should be no surprise that demand for office space has dropped in the Sacramento area and vacancies rose at the end of last year. The Colliers International office summary of the Sacramento market is uncertain. Short term leasing and subleasing spaces have seen demand drop drastically, total available sublease space on the market passed 1 million square feet.
The Colliers International summary also looks into how the State of California leases more than nine million square feet in Sacramento County alone. The State is also building three million square feet of new office space that will shift many of those employees in the leased space into the newly built State offices. It could also be considerably negative if a portion of the states 123,000 employees that work around the Sacramento region are shifted to full-time remote workers. In the long run, both these scenarios could depress the Sacramento office market like we have never seen before.
Read the Colliers International Sacramento Q4 2020 Office
Report here.
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