Ten-X is not particularly sanguine about the outlook for the U.S. office market, but it is more optimistic about certain markets, including Sacramento.

The company said Sacramento, along with Dallas, Tampa, Long Island, New York, and Portland, Oregon, is among the top five markets where investors should consider buying office properties. These markets have either strong overall economies and specific sectors creating jobs or constricted office supply.

In Sacramento’s case, the office market offers relative resiliency to cyclical risk because its supply pipeline remains light, the report said.

"Vacancies are projected to rise only to roughly 18%, up from the mid-17% range in the near term," it noted.

"Rents will contract slightly during the modeled downturn, but will settle near their current levels as recovery begins in 2021. Sacramento continues to benefit from population growth that has outpaced the national average."

By contrast, Ten-X said that Houston, San Francisco, Memphis, Baltimore and Suburban Maryland are the top markets in which conditions might cause investors to consider selling their office properties.

"These markets have either seen tepid office job growth this cycle contribute to high vacancy rates, or have had strong economic recoveries lead to larger new office supply than the market can digest," the report said.