As colder weather settled in across much of the U.S. in Q4 2020, economic performance indicators predictably began to deteriorate as COVID-19 cases spiked locally and nationally.
The Sacramento office market continues to feel the reverberations caused by the pandemic as net absorption for the quarter totaled negative 487,516 sq. ft., bringing the year-to-date net absorption total to negative 814,319 sq. ft. Average asking lease rates ended the year at a record high of $2.10 per sq. ft., which was to be expected as several top tier spaces hit the market.