Fairfield Q4 Industrial Market Report & Forecast
Occupancy Gains Continued In 2014
Solano and Napa counties’ vacancy rate declined 0.9 percentage points to 5.8 percent in the fourth quarter of 2014. The occupancy gains experienced in recent years continued as net absorption was a positive 851,401 square feet for the quarter, and a positive 1,536,997 square feet for the year. Average asking rates declined by $0.01 in the fourth quarter to $0.51 per square foot per month (psf/mo) Triple Net (NNN).
Sales activity dipped in the fourth quarter as there was only one sale of 35,000 square feet or greater, down from five sales in that size range in the prior quarter. Airstream Adventures Nor Cal exercised an option to purchase the 129,669 square foot warehouse and large yard they occupy at 2400 Cordelia Road in Fairfield for $7,680,925 or $59.23 per square foot.