Sacramento, CA Office
The population of Sacramento, CA is just over 508,000, making it the 35th largest city in the country.
The Old Sacramento Historic Park, a business district from the 1850’s, was made a National Historic Landmark in 1965.
The Eagle Theater was the first permanent theater ever built in California, and still stands today. It is rumored that the theater is haunted.
Sacramento is home to the American River Bike Trail. The 32 mile trail is fully-paved with two lanes and amenities such as restrooms and water fountains.
According to rentcafe.com, the average apartment size in Sacramento, CA is 823 square feet; the average rent is $1,404.
Sacramento is the fastest-growing market in the country for apartment rentals, according to the Yardi Matrix Analysis Q2 2019. Current occupancy is 96.8%. The downtown and midtown areas are most in demand, and have shown a rise in rental rates.
A Zillow study recently found that from 2018 to 2019, Sacramento ranked second in the country for cities searched by outsiders looking to relocate.
Sacramento overall vacancy rate: 14.2%
Average asking rent: $23.65 per square foot
National average asking rent: $36.44
Though Sacramento has shown the most growth in the suburban sector, the city also shows steady gains in the office market. Education, health, leisure, and hospitality sectors have reported the highest growth over the previous year, up 5.4%.
Demand for high-quality properties has risen over the last five years, and has led to an increase in construction in the area. Approximately 68,700 square feet were added in the first half of 2019, and additional 149,100 is expected by year end.
19.8% of Sacramento’s jobs are using office spaces, the lowest number seen in a decade, and just below the current national average of 21.5%.
In June of 2019, Sacramento unanimously approved appropriating $10 million to the Innovation & Growth Fund, aiming to attract startups and provide them with the knowledge and resources to grow.
The program provides grants and investments for startups in the accelerator/incubation period, as well as to companies who can assist them, and educational programs to benefit entrepreneurs. THe city plans to partner with a non-profit organization focused on economic development to invest $1 million in funding for local companies. An additional $2 million in investments will be planned to attract startups from outside the region
Sacramento, the capitol city of California, is full of history. From the start of the Gold Rush and some of the country’s first railroad developments, to recent grants provided to foster and develop startup companies, Sacramento has been a desired location for decades.