Sacramento Office Space
Office Space in Sacramento
As a commercial real estate broker in Sacramento, I have witnessed significant changes in the office market in recent years. The rise of remote work and the pandemic-induced economic downturn has led many businesses to reevaluate their office space needs, resulting in fluctuations in the Downtown and Midtown markets – and – the entire Sacramento region.
This softened office space market is evolving into a Tenant’s market which means you can find great office space if you are in the market. When you begin your search for office space, start with a trusted and experienced commercial real estate broker like Tom Bacon.
Click on the community name to view a PDF report of available office space.
Before the pandemic, the Sacramento office space market was relatively stable, with vacancy rates hovering around 10%, and rental rates remaining consistent. However, with the onset of COVID-19 and the shift to remote work, many businesses began to rethink their office space requirements. This led to an increase in sublease space as companies downsized or relocated, resulting in a rise in vacancy rates.
Resilience and Flexibility
Despite the initial uncertainty, the Sacramento office space market has shown signs of resilience in recent months. As the economy has begun to recover and businesses have started to return to the office, demand for office space has picked up once again. However, the market has not returned to pre-pandemic levels, and some companies are still hesitant to commit to long-term leases. This has led to an increased demand for flexible office solutions, such as shorter-term leases and coworking spaces.
Another factor that has impacted the Sacramento office space market is the influx of new development. In recent years, Sacramento has seen a surge in new construction, particularly in the downtown area. These new developments offer state-of-the-art amenities and modern office spaces that appeal to businesses seeking a more contemporary workspace.
One other challenge facing the Sacramento office space market is the lack of affordable options for small businesses. While larger companies may be able to afford high-end office spaces, smaller businesses often struggle to find affordable options that meet their needs. This has led to a growing demand for coworking spaces and shared offices that offer more cost-effective solutions.
Working with Bacon CRE
The Sacramento office space market is in a state of flux, as businesses continue to adjust to the economy. It is essential to stay up-to-date on the latest market trends and be prepared to adapt to changing circumstances. At Bacon CRE, we provide you with updated market reports so you can see the state of office space in Downtown Sacramento, Midtown Sacramento and elsewhere.
While the Sacramento market may be challenging at times, there are plenty opportunities for those who are willing to be flexible and creative in their approach to leasing and development.
Working with Bacon CRE
The Sacramento office space market is in a state of flux, as businesses continue to adjust to the economy. It is essential to stay up-to-date on the latest market trends and be prepared to adapt to changing circumstances. At Bacon CRE, Not only can we provide you with updated market reports, insights, and surveys of available office space, We work in a variety of ways including traditional brokerage services, lease and portfolio assessment, lease renegotiations, property tax appeals, and consulting. Consulting is best when there isn’t a transaction that would generate a fee. Say, your company wants to evaluate a variety of scenarios – Lease Vs. Buy, consolidation, disposition of excess real estate or valuation. BCRE can handle just about any situation.
While the Sacramento market may be challenging at times, there are plenty of opportunities for those who are willing to be flexible and creative in their approach to leasing and development.
Contact Bacon CRE
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