Sacramento Property Management – the Recent Market Condition
The retail market situation of Sacramento will further lower down this year due to the present economic condition. The present economy condition can well be harsh which have resulted in making the retailers struggle continuously. As a result, rents have also lowered down further. Vacancies have deteriorated. According to sacramento property management report, it can be well observed that there has been a massive deterioration of vacancy rates to 8% from 11%. With different layoffs and job cuts within the region of Sacramento has resulted in diminishing consumer confidence. However, midtown activities still continues on the growing side.
Presently, there are near about 800,000 negative sq ft of retail space within the region of Sacramento. The main reason behind such huge availability of absorption space is mainly because lots of stores have been shut down. Renowned stores like circuit city, linen ‘n, office max, mervyn’s, etc. have shut down. As a result, space availability has increased.
According to property management Sacramento report, average lease rates within the developing areas like Laguna/Elk Grove, Folsom/El Dorado Hills, North Natomas, and Roseville/Rocklin have lowered drastically. The present rate for space per square foot within this area is around $1.50 - $2.25, NNN.
Within different areas of Sacramento, construction activity keeps on stagnating. The reason behind sudden halt or postponing of construction activities is mainly because of negative economic condition within the region. People are waiting for a massive growth in economy before continuing with the construction phase. Most of the contractors are holding the project for the 24 to 36 months. They are not taking any risk to start the project without any improvement in economic status. With such tough market conditions, things have become quite difficult to handle as per Sacramento property management is concerned
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