| R E A L E STAT E |
last year added approximately 100,000
square feet of office space in Midtown,
there has been no new office construction
in the last 10 years,” says Garrett. “While
the market may not be ready for a new
high-rise office project, I am seeing tre-
mendous demand for low- to mid-rise of-
fice space that offers a creative or unique
feel with more collaborative work areas
and hotel-like amenities.”
As for being a government town, Gar-
rett points out growth there too.
“The State of California continues to
expand and currently is developing 1.2
million square feet of new office space for
its use,” she says, adding that health care
providers will add hundreds of thousands
of square feet by the end of this year.
Anvary is excited about Aggie Square
as another successful model in the region.
“Aggie Square is bringing together UC
Davis and its partners to create educa-
tional and economic opportunities in the
greater Sacramento region, and the cam-
pus will feature state-of-the-art research
facilities, modern office and mixed-use
space, world-class amenities and a dy-
namic, thriving community,” she says.
Another area in Sacramento proving
strong growth is downtown, says Lemmon.
“The numbers are quite compelling.
According to our data, 682,259 [rentable
square feet] of tenants have moved onto
the grid since 2008, and of that total num-
ber, 481,326 RSF of those tenants moved
to the grid since Golden 1. Essentially,”
he continues, “70 percent of the tenants
moving downtown in the past 10 years has
been directly related to the arena or the
activity happening around it.”
Bennett says, “The expansion of the
Railyards and Bridge District are poised to
extend the boundaries of downtown north
and west.” Plus, “Bay Area migration al-
ready is trending.”
“Penumbra is opening a 160,000
square feet Roseville location in May (an
expansion from Alameda), SUM Bible
College from Oakland is locating to El
Dorado Hills, ActiveRADAR relocated its
headquarters to Sacramento from Pleas-
anton and expanded into 20,000 square
feet in Gold River, and the California Pub-
lic Utilities Commission (headquartered in
San Francisco) is looking for an addition-
al 42,000 square feet [downtown], but
where can they go?”
Cities like San Francisco don’t have the
physical space to expand, and that could be
good for the CRE market for Sacramento.
“With Facebook, Google, Salesforce
and Apple gobbling up all the space in the
Bay Area,” Bennett says, “companies will
continue to look east to Sacramento for
future expansion.” n
Jordan Venema is a California-based writer
who enjoys gin and teaching himself dead lan-
guages. He received a master’s of liberal arts
from St. John’s College, but swears he’s learned
more from his precocious son, Cassian, than he
ever did from a book.
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April 2019 | comstocksmag.com