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2020 Q2 Solano and Napa Counties Industrial Market Research Report

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Industrial Hero B
By Scott Ellis

Expected to Outperform

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The Solano and Napa counties industrial market’s vacancy rate increased in the second quarter of 2020 from 4.4 to 5.4 percent. The COVID-19 pandemic and the ongoing recession has and will continue to affect all sectors of the economy, however industrial real estate is expected to outperform other sectors as the e-commerce delivery model continues to grow exponentially. Net absorption for the second quarter was positive 201,775 square feet and for the year it is positive 399,754 square feet. Average asking rates increased by $0.02 to $0.66 per square foot per month triple net (NNN) this quarter.

Three speculative warehouses totaling 734,828 square feet were completed in the second quarter, the largest single quarter total since Q1’17. The three buildings were: 2370 North Watney Way and 2200 Courage Drive in Fairfield as well as 2121 Icon Way in Vacaville.

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Industrial Hero B

2020 Q2 Solano and Napa Counties Industrial Market Research Report

Download Report
Related Experts
Scott Ellis | Colliers | Walnut Creek

Scott Ellis

Executive Managing Director

Walnut Creek

+1 925 279 5575
Email

Scott originally started his career in commercial real estate at Grubb & Ellis, where he served for 20 years as Office Division Director.  Scott then joined Colliers Parrish International in Walnut Creek in 2000 where he spent 11 years as Senior Vice President and Office Division Director and recently returned as Executive Managing Director. 

Over the past 30 years, Scott has been regarded as one of the top office brokers in the north I-680 corridor.  During his career, he has successfully leased over 5,000,000 square feet of office space and brokered over $920,000,000 in office building sales.  Scott has brokered three of the largest leases ever done in the I-680 market to such companies as PG&E, Contra Costa County and Wells Fargo.  During his career, Scott has consistently been awarded top overall office division producer, Office Broker of the Year and Circle of Excellence. 

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Philip Garrett | Colliers | Fairfield

Philip Garrett

Executive Vice President

Fairfield

+1 707 863 8357
+1 707 372 1036
Email

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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