10Y UST5.05%+1.20%30Y MTG7.24%-1.09%SOFR3.94%-0.25%VNQ$93.87+2.27%XLRE$43.06+2.21%FED FUNDS3.88%
Real Estate Trail
Institutional Press Wire
The Registry · Vail · Office

North Natomas Sublet Availability Hits 13.44%, Pushing Submarket’s Total Availability Past 30%

Via The Registry · October 29, 2026
Compiled by Real Estate Trail Editorial · October 29, 2026

Why this matters

Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Vail land basis continues to clear at new highs in the village and adjacent submarkets. Luxury hospitality remains supply-constrained and tightly held. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.

Editorial analysis · Real Estate Trail Editorial

On the RET wire

  • Disclosed office deal value tracked in October 2026: $24.1B across 75 reported transactions. All Office coverage →

Computed from Real Estate Trail’s own tracked coverage

Excerpt from The Registry:
Sublease listings now account for close to half of all available office space in Sacramento's North Natomas submarket, a concentration that sets the 3 million-square-foot district apart from a regional market where su…
Read the full article at The Registry →

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