SAN FRANCISCO—A recent report by Cushman & Wakefield shows that low vacancy combined with continued high levels of demand in Sacramento have led to rapid growth in asking lease rates, closing the first quarter at $0.68 per square foot per month on a triple net basis. The report does call out that the lofty figure is likely inflated by landlords seeking out cannabis-related industries demanding higher rents, but is also due in part to sustained levels of low vacancy.
Indeed, with medicinal marijuana giving rise to legal sales, cannabis is a hot button these days. And, the real estate landscape is no exception. Katy Young, managing partner of San Francisco-based law firm Ad Astra and the current president of the National Cannabis Bar Association, recently shared insights into the ins and outs of leasing retail space for cannabis use, how long before it’s widely accepted by the general public, and cautionary tales about cannabis use leasing.
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