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Sacramento, CA - Office Space for Lease

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Sacramento, CA - Office Market Overview

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The Sacramento Metropolitan Area includes the Campus Commons, Gateway Center, and Midtown Sacramento office space submarkets. With a metropolitan population of nearly 2.3 million, Sacramento is the state capital of California and the sixth-fastest growing city in the state. The technology, health care, and government sectors all provide consistently strong demand for white-collar office employment in Sacramento.

As of mid-2017, the Greater Sacramento office market encompasses over 37 million square feet of existing office space in properties larger than 50,000 square feet. The city's centralized Northern California location and government nexus attracts companies in the technology & energy, advanced manufacturing, and business & financial services, that generate robust demand for office space in the Sacramento commercial real estate market.

Sacramento, CA - Office Inventory Description

Both public and private industries are attracted to Sacramento's strategic location, skilled workforce, and affordable cost of doing business. With a gross metropolitan product of over $128 billion annually, the demand for white-collar office space in Sacramento remains strong. Nearly 64% of the office space in Sacramento is Class A or A+, while Class B office space adds another 55% of inventory to the market.

The Downtown Sacramento office market is one of the fastest-growing office submarkets in the city. Situated along I-5 and the Sacramento River, the area is home to prime Class A office property such as the U.S. Bank Tower, 1201 K Street, and the Wells Fargo Center at 400 Capitol Mall.

Sacramento, CA Commercial Inventory Breakdown

Office Spaces

Total: 40,619,995 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 8,185,848 SF / 20.15% of total office
  • 100k to 500k SF: 23,252,907 SF / 57.24% of total office
  • 500k to 1M SF: 5,892,479 SF / 14.51% of total office
  • > 1M SF: 3,288,761 SF / 8.1% of total office

By class:

  • Class A+: 2,045,641 SF / 5.04% of total office
  • Class A: 15,356,411 SF / 37.81% of total office
  • Class B: 20,225,755 SF / 49.79% of total office
  • Class C: 828,788 SF / 2.04% of total office

Top 10 Largest Office Buildings

in Sacramento

Office building Address 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
301 Capitol Mall 301 Capitol Mall, 95814 733,000 n/a
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

Most Recently-Built Office Buildings

in Sacramento

Office building Address Sqft Year built
700 North 10th Street 700 North 10th Street, 95811 162,353 2011
Sutter Medical Plaza Sacramento 1625 Stockton Blvd, 95816 143,210 2011
2020 Gateway 2020 West El Camino Avenue, 95833 319,325 2010
Sutter Capitol Pavilion 2725 Capitol Avenue, 95816 209,000 2010
Mercy Midtown Medical Center 3000 Q Street, 95816 122,000 2010
1747 North Market Blvd 1747 North Market Blvd, 95834 105,000 2010
Bank of the West Tower 500 Capitol Mall, 95814 445,984 2009
Sacramento Area Sewer District 10060 Goethe Road, 95827 170,000 2009
Gateway Corporate Center - 160 Promenade Circle 160 Promenade Circle, 95834 116,918 2009
U.S. Bank Tower 621 Capitol Mall, 95814 366,337 2008

Sacramento, CA - Green Office Space

Employment

Of the Top 30 Green Office Markets in the U.S., Sacramento ranks #22 for energy-efficient office buildings. While over 3% of the office buildings larger than 50,000 square feet are LEED-certified, just over 9% rank as Energy Star-rated and nearly 11% are recognized as green buildings.

The Lincoln Plaza East & West office buildings in Downtown Sacramento are brilliant examples of green offices. Built in 2005, this over 538,000-square-foot project has received the prestigious LEED Platinum certification. As tenants, national and global investors seek out green certified office assets for their use and portfolios, the green office trend will continue to grow in Sacramento.

The National Green Building Adoption Index for 2017 surveyed the top 30 major U.S. markets, looking at the percentage of energy efficient buildings. Sacramento has placed 22nd on this survey, which includes EPA Energy Star-rated properties. Since 2005 the percentage of green certified buildings has increased from 5% to 38% mid-2017.

Sacramento, CA's Top Office-Using Sectors

Sacramento's centralized location, attractive business climate, and diverse mix of business and industry all continue to create demand for commercial real estate in Sacramento. The health care, government, and educational sectors are some of the primary job creators of white-collar employment and users of Class A office space.

  • Health Care – Companies such as Sutter Health, the UC Davis Health System, Kaiser Permanente, and Dignity Health all create demand for Class A office space in Sacramento.
  • Government – Demand for office space in the metro area is created by government institutions such as the State of California, Sacramento County, the City of Sacramento, and the three unified school districts in the area.
  • Higher Education – Sacramento is home to California State University, with the University of California - Davis, and the UC Davis Medical Center nearby.
  • Corporate Offices – The demand for white-collar Class A office space in Sacramento is also driven by companies such as Blue Diamond Growers, Aerojet, Teichert, and the McClatchy Company.

Sacramento Demographics

Population

  • Total Population480,566
  • Male Population(48.5 %) 233,137
  • Female Population(51.5 %) 247,429
  • Median Age34.00

Income/Financial

  • Average Household Income$68,286
  • Median Household Income$50,739
  • Median Income Under 25$23,495
  • Median Income 25-44$53,648
  • Median Income 45-64$58,866
  • Median Income Over 65$40,966

News

California Q2 2018 Office Sales: San Francisco Sales Finally Bounce Back

California Q2 2018 Office Sales: San Francisco Sales Finally Bounce Back

July 17, 2018

The transactions that closed across the seven California office markets we analyzed totaled nearly $5 billion in sales. The quarter marked a 36% increase compared to Q1, however, the sales volume dropped 12% year-over-year.

Study: What to Do with All the Vacant Land in Major US CBDs?

Study: What to Do with All the Vacant Land in Major US CBDs?

May 15, 2018

 

California Q1 2018 Office Sales: Smaller Markets Pick Up the Slack for LA, San Francisco

California Q1 2018 Office Sales: Smaller Markets Pick Up the Slack for LA, San Francisco

April 18, 2018

In terms of office sales, Los Angeles was the most active California market we analyzed, wrapping up Q1 with a $1.3 billion total. Bay Area office sales raked in $800 million in 13 transactions, which encompassed over 2 million square feet of inventory. Even though Sacramento came in third, this...