Area Office Vacancy Rate Hits Record High

Nearly a quarter of office buildings in the greater Sacramento region sit vacant, and that number rose to another record high at the end of 2011.

According to the Sacramento Business Journal, about 23 percent of office spaces 5,000 square feet and larger were vacant in the fourth quarter of last year.

One reason for the increase in vacancies, the Business Journal said, was tenants who were being more efficient with their space. For example, plans to move from its Tech Center Drive location near Rosemont to a new location that's a third smaller–even though enrollment hasn't dropped and no cuts are being made.

"The university wanted to build a new science lab, which wasn’t possible at the current location," the Business Journal said. "Hence the move from 9320 Tech Center Drive to 10901 Gold Center Drive, expected to take place in March or early April."