Comstock's magazine 0419 - April 2019 - Page 79

| 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. Valley Communications, Inc. CONNECTING BUSINESS WITH TECHNOLOGY Access Control Cabling Security Audio Visual Wireless Setting a higher technology standard in your office building For over 35 years, Valley Communications, Inc. (VCI) has been providing advanced integrated technology services for many of the top Sacramento based businesses, enabling them to seamlessly conduct their core business while improving operational efficiency and profitability. Valley Communications’ clients include iconic high-rise buildings, data centers, corporate campuses, universities, medical and hospital facilities, state and local government and major sports facilities. For more information on how Valley Communications can connect your business with technology, please contact us today. 6921 Roseville Road Sacramento, CA 95842 | 916.349.7300 info@valley-com.com | www.valley-com.com | LIC# 806644 April 2019 | comstocksmag.com 79