Low Vacancy Driving New Construction
The industrial vacancy rate in Solano and Napa counties decreased in the first quarter of 2021 from 4.0 percent to 3.8 percent. Low vacancy rates throughout the region are driving record high levels of new construction, as 1,974,698 square feet of industrial space is under construction. Net absorption for the first quarter was positive 132,600 square feet. Average asking rates increased by $0.01 to $0.71 per square foot per month triple net (NNN) this quarter.
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