Business Journal: Office Space Vacancies Up

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(Sacramento, CA)
Friday, April 18, 2008
Sacramento’s latest office leasing reports could rival a poorly written term paper in the amount of red ink. Red is the color used by some commercial brokers to denote when leasing has gone negative. According to brokerage Cornish & Carey Commercial, region-wide leasing was in the red by 247,000 square feet the first three months of this year. That means tenants vacated that much more space than they filled. It’s the largest negative quarterly margin since 2001. And it’s the third-straight quarter of flat or negative leasing activity in the region, which could be a sign of a slumping economy. It’s not all doom and gloom, though. The best-performing market was downtown, where more tenants took up space than they vacated.