Office Rental Market
- $24.62 2019 Avg. Asking Rent
- 10.32 % 2019 Avg. Vacancy Rate
- 90,000 2019 Office Completions (Sqft)
- 1,482,300 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Sacramento Class A Office Buildings$31.78
- Sacramento Class B Office Buildings$23.94
- Sacramento Class C Office Buildings$16.81
- CA Class A Office Buildings$51.59
- CA Class B Office Buildings$34.34
- CA Class C Office Buildings$22.62
Sacramento, CA Office Asking Rents by Class
Office asking rents vary across the Sacramento office market depending on several factors, one of which is property class. While rents for Class A office buildings in Sacramento averaged $31.78 per square foot in 2019, Class B office properties garnered average rental rates of $23.94 per square foot. Rental rates for Class C office property in Sacramento averaged $16.81 per square foot. On a statewide level, Class B office space rents averaged $34.34 per square foot, while rents for Class A office space across California averaged $51.59 per square foot. On average, Class C office properties in California commanded rents of $22.62 per square foot.
2019 OFFICE VACANCY RATES
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Downtown | $33.06 | 5.03 % |
Midtown | $26.14 | 9.67 % |
East Sacramento | $26.10 | 7.81 % |
Point West | $22.84 | 10.32 % |
North Sacramento | $22.40 | 10.65 % |
South Sacramento | $21.12 | 15.60 % |
Highway 50 Corridor | $19.06 | 11.49 % |
Carmichael - Fair Oaks | $16.56 | 11.18 % |
- The lowest office vacancy rate in 2019 in Sacramento was 5.03 % in the Downtown submarket, where asking rents averaged $33.06.
- The highest office vacancy rate in 2019 in Sacramento was 15.60 % in the South Sacramento submarket, where asking rents averaged $21.12.
OFFICE CONSTRUCTION IN Sacramento, CA
- Sacramento, CA Total Sqft completed in 2019 90,000
- Sacramento, CA Total Sqft under construction in 2020 1,482,300
Building name | Address | Total Sqft | Year built |
---|---|---|---|
Franchise Tax Board Office Complex | 9645 Butterfield Way, 95827 | 1,814,056 | 1984 |
Capitol Area East End Complex | 1501 Capitol Avenue, 95814 | 1,474,705 | 2003 |
CalEPA Headquarters | 1001 I Street, 95814 | 950,000 | 2001 |
Capitol Square | 450 N Street, 95814 | 868,131 | 1991 |
Natural Resources Headquarters | 715 P Street, 95814 | 838,000 | 2021 |
Resources Building | 1416 9th Street, 95814 | 656,625 | 1964 |
744 P Street | 744 P Street, 95814 | 620,000 | 1969 |
Lincoln Plaza East & West | 400 Q Street, 95811 | 538,162 | 2005 |
DMV Headquarters | 2415 1st Avenue, 95818 | 518,364 | 1960 |
722 & 800 Capitol Mall | 722 Capitol Mall, 95814 | 505,832 | 1957 |
Office building | Address | Sqft | Completed |
---|---|---|---|
Natural Resources Headquarters | 715 P Street, 95814 | 838,000 | 2021 |
Capitol Annex Swing Space | 1021 O Street, 95814 | 472,000 | 2021 |
Clifford L. Allenby Building | 1215 O Street, 95814 | 372,000 | 2021 |
Natomas Crossing Quad B - Building A | 4201 East Commerce Way, 95834 | 255,900 | 2020 |
Natomas Crossing Quad B - Building B | 4201 East Commerce Way, 95834 | 255,900 | 2020 |
Natomas Corporate Center - 2555 Natomas Park Drive | 2555 Natomas Park Drive, 95833 | 86,500 | 2020 |
River Plaza Office Building | 2600 River Plaza Drive, 95833 | 60,000 | 2019 |
Natomas Pointe Plaza - Building E | 2920 Advantage Way, 95834 | 30,000 | 2019 |
Office at The Ice Blocks | 1610 R Street, 95811 | 171,924 | 2018 |
700 North 10th Street | 700 North 10th Street, 95811 | 162,353 | 2011 |
SACRAMENTO OFFICE SALES TRENDS
- $241.382019 Avg. Price per Sqft
- 10.51 %Y-o-Y Avg. PpSF Change
- $712.6M2019 Office Sales Volume
- 312019 Number of Transactions
In 2019, office sales in Sacramento averaged $241.38 per square foot. This marked a 10.51 % increase in office price per square foot, compared to the previous year. A total of 31 office sales closed on the Sacramento office market in 2019, amounting to a total sales volume of $712.6M.
Average Office Sale Price per Sqft
Sacramento, CA Sales Trends
- Sacramento Price per Sqft$241.38
- California Price per Sqft$437.86
Office Sales - Trend and Volume
- Sacramento, CA Total Office Sales Volume in 2019 $712.6M
- Sacramento, CA Total Number of Office Sales Closed in 2019 31
Largest Sacramento Office Sales in 2019
Property name | Address | Date | Price |
---|---|---|---|
Wells Fargo Center | 400 Capitol Mall | 10/29/2019 | $198,750,000 |
Emerald Tower | 300 Capitol Mall | 6/27/2019 | $127,000,000 |
1515 S Street | 1515 S Street | 4/26/2019 | $115,000,000 |
Granite Regional Park Building II | 3341 Power Inn Road | 12/20/2019 | $40,500,000 |
2300 River Plaza Drive | 2300 River Plaza Drive | 7/12/2019 | $22,000,000 |
See trends for nearby markets
The Sacramento office market contains an inventory of 46,454,720 square feet of office space, in 696 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Sacramento commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.