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A Significant Decline in Vacancy

Industrial Market Is Expected to Remain Strong

FAIRFIELD, CA – Colliers International’s Fairfield office, which covers Solano, Napa and parts of Contra Costa counties, recently released third quarter market research reports showing there was a significant decline in the vacancy rate in Solano and Napa County’s industrial market. The combined vacancy rate for both counties dropped from 7.3 percent to 5.2 percent in the quarter, which represents the largest one quarter decline in over a decade.

By contrast, the Solano and Napa counties’ office market experienced a relatively quiet third quarter of 2017. The vacancy rate increased slightly from 14.9 percent to 15.5 percent in the quarter. Unemployment rates rose in Solano County to 5.5 percent and rose in Napa County to 3.8 percent in the third quarter, a change from the gradual decline that had taken place over the past few years.
The industrial vacancy rate in Solano and Napa counties continued at historically low levels in the third quarter. Solano County’s industrial vacancy rate is 6.5 percent and Napa County’s is only 1.8 percent. These low vacancy rates are driving the high levels of recently completed construction, construction underway, and millions of square feet of construction planned for 2018. Wine and wine related businesses, food companies and e-commerce remain the leading growth industries in the region. Looking forward, the industrial market is expected to remain strong through the end of the year and into next year given the continued demand of both leasing and purchasing industrial product as an investment.

Download the full reports here:
2017 Q3 Industrial
2017 Q3 Office

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row.

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