Sacramento Affordability, Municipal Utility Grab Office Attention
Sacramento is now approaching a critical mass of new, relocating or expanding employers which bodes well for the city’s prospects as the market is likely to see further interest from private sector employers.
ROSEVILLE, CA—The Sacramento region has become a primary target for Bay Area residents looking to relocate, offering options for both companies and investors alike, due to its Bay Area proximity as well as commercial real estate options and affordable living. In fact, a recent survey by EMC Research names Sacramento as the top California destination for people considering a migration in the next few years.
And the city is particularly popular among Millennials. SmartAsset’s analysis ranked Sacramento as the third most popular relocation destination behind Seattle and Columbia, SC. Annual net migration of Millennials is estimated at 6,700, most relocating from within California.
One of the firms selecting Sacramento is global healthcare company, Penumbra, which recently signed a new lease for 157,518 square feet of class-A office space at the Roseville Innovation Park. The property is owned by a joint venture between Farallon Real Estate Partners and Strada Investment Group.
Penumbra’s lease expansion will mark the company’s first entry into the Sacramento region and its second office facility within Northern California. The company, which focuses on innovative therapies, is headquartered in Alameda, CA. Penumbra also has international office locations in Germany, Australia and Brazil.
Cushman & Wakefield executive director and managing principal Ron Thomas, and brokers Chris Schwarze, Bruce Hohenhaus and Kevin Partington with the firm’s Sacramento office represented the landlord, and Ed Grammens of Cushman & Wakefield’s San Francisco office represented the tenant.
“Penumbra’s expansion reinforces the strong appeal of Sacramento, and it is exciting they’ve selected our region to both establish and grow their presence,” says Thomas. “As one of the premier submarkets in the Greater Sacramento region, Roseville offers a wide variety of amenities, retail establishments, city services and recreational activities. Another significant benefit to the area is that its municipal-owned utility provides power to both businesses and residences at affordable rates.”
Located at 630 Roseville Pkwy. on Foothills Boulevard just south of Blue Oaks Boulevard, Roseville Innovation Park is part of the Hewlett Packard Campus Oaks Master Plan, a mixed-use community on approximately 375 acres. The campus offers access to Highway 65, Interstate 80 and all major thoroughfares in the area from its location approximately 20 miles northeast of downtown Sacramento and the state capitol, and some 25 miles from Sacramento International Airport.
“Companies continue to leverage the dynamic combination of a highly skilled low-cost labor market, combined with relatively low cost of living, low overhead costs and close proximity to the Bay Area,” Thomas tells GlobeSt.com. “When combined with the amenities and quality office product available in Roseville and the nearby submarkets, it becomes easy to see why Penumbra made such a large investment in the region. Sacramento is now approaching a critical mass of new, relocating or expanding employers which bodes well for the city’s short- and long-term prospects as the market is likely to see further interest from private sector employers.”
Roseville Innovation Park has 20-foot ceiling heights and amenities including retail, entertainment and residences within a short distance. Plus, there is planned outdoor recreation, dining and break-out space currently in the works at the project.