This is sort of a photo-essay. Photos are thru the link.
Natomas is a suburb of north of Sacramento. It was the last major part of the city's area to be developed, and in the last five years thousands of houses have been built on what were once rice fields. The area is also home to Sacramento International Airport, and Arco Arena, where the Sacramento Kings play.
In addition to the residential and accompanying retail development, the area has been home to a large contingent of light industrial facilities, business/medical centers, and distribution warehouses. The number of these facilities has exploded in recent years, and now millions of square feet of space are available.
The following photolog is a very small sampling of what is happening in Natomas. There are still quite a few CRE projects under construction or planned in the area, and it looks like the glut will last quite a while. (The only beneficiaries of the glut appear to be the street racers. Every single empty street and vacant parking lot had circles burned in.)
http://sacrealstats.blogspot.com/2008/02/natomas-area-commercial-real-estate.html