Deal Velocity Slows Significantly
The office vacancy rate in Solano and Napa counties increased in the first quarter of 2020 from 14.7 percent to 15.2 percent. Deal velocity slowed significantly in the quarter as leasing activity was limited and there were no significant sales, user or investment. Absorption for the first quarter was negative 26,160 square feet. The combined average asking rate across all classes of office decreased by $0.02 to $2.01 per square foot per month full service (FS).
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