FAIRFIELD, CA, 4/29/2016
– Colliers International’s Fairfield office, which covers Solano, Napa and parts of Contra Costa counties, recently released first quarter market research reports showing continued low vacancy rates and favorable conditions for further construction with approximately four million square feet of new industrial construction planned in Solano and Napa counties.
The expansion of the industrial market in Solano and Napa counties continued as 774,758 square feet of new construction was completed in the first quarter of 2016. Vacancy rates remain low, yet increased in the first quarter of 2016 to 6.5 percent from 5.0 percent. This increase was predominantly as a result of the shell completion of the 646,000 square foot speculative warehouse at 1 Middleton Way in the Napa Logistics Park.
Solano and Napa counties’ office market vacancy rate declined for the fifth consecutive quarter in the first quarter of 2016. The vacancy rate at the end of the first quarter was 17.4 percent, down from 18.2 percent one quarter ago and 19.9 percent one year ago. The decline is largely attributable to job growth in the region, as Solano County added 4,300 non-agricultural related jobs in 2015.
Links to reports:
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