Sacramento’s retail market has weathered the coronavirus pandemic and its resulting economic dislocation remarkably well. Retailers have been forced to shutter or curtail operations on multiple occasions by state mandate, but it appears stimulus funds and the temporary eviction moratorium have helped keep a lid on any notable vacancy expansion thus far. Nonetheless, demand in 2020 was negative for the first time in more than a decade, and the average asking rent declined after seven consecutive years of gains.
- Purchasing power in Sacramento is healthy, as incomes are roughly in line with the California median.
More than one year into the coronavirus pandemic, retail vacancies in Sacramento have only increased modestly, after beginning 2020 at an all-time metro low of 5.8%.
Currently, the average asking rent is $21.13/SF. Even after almost a decade of positive growth, rents still trail the pre-Great Recession peak by approximately 10%.
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