FAIRFIELD, CA, 7/27/2016
– Colliers International’s Fairfield office, which covers Solano, Napa and parts of Contra Costa counties, recently released second quarter market research reports showing new construction of industrial product remains at historically high levels in Solano and Napa counties as demand continues to outpace new supply in Solano and Napa counties.
The industrial vacancy rate has declined in the second quarter to 6.2 percent from 6.6 percent. Average asking rates increased by $0.03 to $0.53 per square foot per month (psf/mo) triple net (NNN) in the quarter.
The office market vacancy rate in Solano and Napa counties edged lower in the second quarter to 17.3 percent, down from 18.3 percent in the prior quarter and 19.5 percent a year ago. The combined average asking rate across all classes of office in the second quarter experienced the largest increase in several years as it increased by $0.04 to $1.69 (psf/mo) full service (FS).
From large warehouse investment sales to new speculative buildings being quickly leased, there are many indications of a strong and active market in Solano and Napa counties. The construction pipeline continues to flow as there is 1,360,551 square feet currently under construction
Links to reports:
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