Deal Velocity Declined Even Further
The office vacancy rate in Solano and Napa counties increased in the fourth quarter of 2020 from 16.6 percent to 17.1 percent. Deal velocity declined even further from its already low levels as there was only one significant transaction in the quarter as the continuing pandemic has led most tenants and investors to remain on the sidelines. Net absorption was negative 31,184 square feet for the fourth quarter and negative 125,718 square feet for the year. The combined average asking rate across all classes of office declined by $0.02 to $1.97 per square foot per month full service (FS).
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