Tom Bacon
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Commercial real estate expert since 1984. Specializing in office leasing and sales, primarily assisting users in their quest for the optimal occupancy solution.
, I was talking with Eva Hill who is in the predevelopment stage of the Canopy By Hilton Hotel at 8th and L Street in Sacramento. The hospitality industry has been impacted more than most, but here is what Eva had to say: “The hotel project in Sacramento is going well. but I have faith that this project will benefit from lower interest rates and hopefully lower construction costs. We believe we have the best location in town because we believe people will not quit coming to our State Capitol to transact business and to ask for money.
I first visited Del Paso Boulevard in 1991 after a King’s game at the ARCO Arena. Del Paso has nightlife, restaurants, recording studios, galleries, great coffee spots. While virtually every Sacramento sub-market has seen significant rental growth and value appreciation, Del Paso Boulevard has yet to see the same progress. Yesterday I was at Shift Coffee at 1616 Del Paso Boulevard, located adjacent to The Greens, a boutique hotel that has seen a steady increase in occupancy.
This time I looked up: land, multifamily, office and retail sales that closed in the last 6 months. The retail market segment in Midtown is solid with a few properties trading hands. On Broadway, the mixed use building at 21st and Broadway sold for $227 a foot, and the property needs work. Additionally, if you have any questions on the properties or transactions referenced in this article, don’t hesitate to reach out to our office for more information.
Once I talk with a tenant about the benefits of working with a knowledgeable broker, the tenant breathes a sigh of relief; particularly when they realize that they don’t have to pay the broker to assist with office needs. A tenant representative gets paid by the landlord only when a deal is done, similar to how a residential agent gets paid when representing a buyer. Finding space is just the tip of the iceberg, and a when you work with an agent you save time because the agent knows what is actually available, and the agent knows which landlords are “reasonable” and those who are not. Tom Bacon, CCIM, has been assisting commercial real estate clients in Sacramento since 1991, with an emphasis in office properties and Occupier representation.