This is quite the economic recovery with record high vacancy rates....
Sacramento area office vacancies hit a record high
http://www.sacbee.com/2012/04/28/444...vacancies.html
Saturday, Apr. 28, 2012
The Sacramento region office vacancy rate increased in this year's first quarter to an all-time high of
23.74 percent, according to commercial real estate brokerage firm Cornish & Carey Commercial Newmark Knight Frank.
The rate increased 0.36 percent from the previous quarter, reflecting 366,000 square feet of additional vacant space in the region's 22 office submarkets.
In all, vacant office space in the region totals nearly
16 million square feet.
"The market continues in correction mode based on the lack of job growth in the region," said John Frisch, regional managing director for the company. "However, there are signs of life on the horizon with local expansions by Dignity Health and Vision Service Plan.
" … We expect the office market to get better as the year unfolds."