Office Park Feasibility Study for the City of Rancho Cordova

The Economic Development Department of the City of Rancho Cordova (“the City”) is seeking proposals from interested firms for the preparation of an Office Park Site Assessment and Feasibility Study to modernize and revitalize the city’s office park. The purpose of the study is to evaluate the feasibility of improvements to our existing office park and to provide recommendations that will enhance the appeal, functionality, and long-term viability in an evolving market.

Rancho Cordova is home to world-class employers in semiconductors, artificial intelligence, health, and life sciences, including the global headquarters for semiconductor industry leader Solidigm, UC Davis Health, the Human Machine Collaboration Institute (HMCI), and ThermoGenesis. However, shifting employment trends have led traditional office users to downsize and prioritize high-quality buildings with modern amenities. The city’s office inventory consists of approximately 18 million square feet, primarily composed of 20+ year-old, 3-star concrete-tilt office buildings. As a result, the office market is facing challenges, with a vacancy rate of 17.6% and modest market rent growth of just 1.0% over the past year. Currently, the average market asking rent is $22.11 per square foot, reflecting limited demand for older office spaces that lack the amenities and flexibility that today’s tenants seek.

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