FAIRFIELD, CA, 1/26/2016 – Colliers International's Fairfield office, which covers Solano, Napa and parts of Contra Costa counties, recently released fourth quarter market research reports indicating the ongoing strength of the industrial real estate market in the region continued throughout 2015. The industrial vacancy rate in the fourth quarter of 2015 remained flat at its historically low level of 5.0 percent, down 0.8 percentage points for the year.

Despite the vacancy rate remaining flat, there was significant leasing activity in the quarter as eight spaces of 100,000 square feet or greater were leased in the fourth quarter - this is the greatest number of leases of this size in one quarter we have ever recorded. The biggest news was Amir Development's purchase of the two buildings totaling 568,700 square feet that Western Wine sold via a sale-leaseback transaction at 125 Mezzetta Court and 760 Hanna Drive in American Canyon.

The next largest transactions were two leases in Vacaville: the 227,430 square foot warehouse at 2031 Cessna Drive and the 220,800 square foot warehouse at 2050 Cessna Drive. Phil Garrett, Executive Managing Director of Colliers International's Fairfield office, and Jon Quick, Senior Vice President in Colliers' Fairfield office, represented both the tenant (North Bay Distribution) and the landlord (Buzz Oates Group of Companies) in these two lease transactions in Vacaville.

The vacancy rate for the office market in Solano and Napa counties decreased from 18.4 to 17.8 percent in the fourth quarter. This represents a 2.5 percentage point decline from the 20.3 percent vacant rate at the beginning of 2015. Furthermore, the vacancy rate declined in all four quarters of 2015, a sign that there has been consistent job growth in the region.

Construction remains a leading story as well, with 931,000 square feet underway and nearly three million square feet planned for 2016.

Links to reports:
Industrial: http://www.colliers.com/en-us/fairfield/insights/marketnews/industrialreport
Office: http://www.colliers.com/en-us/fairfield/insights/marketnews/officereport


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