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2020 Q1 Solano and Napa Counties Industrial Market Research Report

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Industrial Warehouse Hero

Weather the Storm

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Despite the massive headwinds local and national economies are facing, industrial real estate, especially larger warehouse/distribution centers, are expected to weather the COVID-19 storm with less impact than many other real estate sectors. Given the shelter-in-place orders in Solano and Napa counties were only issued in the last two weeks of the first quarter, the statistical impact was minimal with the industrial vacancy rate declining from 5.1 percent last quarter to 4.7 percent this quarter, while a larger impact is expected in the second quarter. Net absorption for the quarter was positive 197,970 square feet. Average asking rates increased by $0.01 to $0.64 per square foot per month triple net (NNN) this quarter.

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2020 Q1 Solano and Napa Counties Industrial Market Research Report

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Related Experts

Randy Dixon

Regional Managing Director

Sacramento

Since joining Colliers in July 2010, Randy has put his priorities in building a team of leading market experts for each discipline and combining them with market leading support services and strong next generation brokers, that brokers can leverage to improve their business success.  He has successfully transitioned the culture of the brokers from a silo centric office of teams that work independently to a group that collaborates and leverages the expertise of those around them to improve their business success.  He has been committed to creating an environment where Colliers is giving back to the community and enjoying a fun place to work.

In 2019, Randy expanded his role to include oversight and leadership of the Reno office, and at the beginning of 2022 he has taken on the leadership role for the Puget Sound Seattle and Bellevue offices.  His priority for each of these offices continue to be to build the best culture and resources in the marketplace, and recruit a complement of brokers who add value to the team that others can leverage  to  improve their business success.

Prior to joining Colliers in July 2010, Randy was 22 years experience in Commercial Real Estate with Hines, a privately owned, international real estate firm that has provided the highest level of quality, service and value to its clients and investors.  Randy most recently was responsible for Asset Management services for the 39 properties totaling 3.5 million square feet as well as New Business for the Sacramento area.  Over his tenure with Hines he has worked in Seattle, San Francisco, Los Angeles and San Diego in building successful teams and providing oversight to Asset, Leasing, Property, Facilities and Construction Management services. 

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Philip Garrett

Executive Vice President

Fairfield

As Executive Vice president in the Fairfield/Walnut Creek offices for Colliers, I specialize in the leasing, sales and development of Industrial real estate in the I-80/680 and Highway 4 corridors, as well as  certain core markets in the Bay Area. I do mostly repeat business and work closely with my clients to improve value and efficiency. I have been invloved in transactions in excess of $5 billion dollars in my carreer.   

Since Covid,  industrial real estate has exploded with the lowest vacancies and highest rents, absorption,  land values and cost of construction that we have ever experienced. The cost  to lease, develop, buy and own industrial property has never been more  costly or competitive. Experience and the ability to analyze data and cost components has never been more important.


PERSONAL BACKGROUND
I  was born in Oakland, California. I graduated from U.C. Santa Barbara with a BA in 1980. In addition to raising our 3 children and entertaining 5 grandkids, I am a  long-standing member of the Big Brothers of the East Bay and have remained active in my  little brother's life for the past 30 years. My favotite grandkid quote so far is "Papa, some of your hair is sort of all gone". My son Jack recently started working with me at Colliers.  I  enjoy  reading, traveling, swimming, and golfing when not spending time with family and friends. I presently reside in Walnut Creek with my wife  and best buddy  Paul.

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