Colliers reports mentions that the market has seen 1.65 million square feet of occupancy loses since Q2 2020 as companies continue to adapt to remote work and hybrid models. Historic comparisons had the over all vacancy rate in Q2 2020 at 13.4% and todays in now 16.3%. The State of California , Sacramento's largest office occupier, still has roughly three-fourths of it's 230,000 employees working from home. In addition, the State is vacating large blocks of leased space to move into new construction or to consolidate it's office real estate.
There are a few positive developments, the Sacramento Kings gifted 35 acers to California Northstate Hospital to construct a major teaching hospital that could bring 3,000 jobs to the vacant Sleep Train Area site. There is also the outsourcing technology company HCL plans to bring 663 new jobs to the Sacramento area over the next four years. To read the full office market repot by Colliers Sacramento by Bob Shanahan click
here.
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