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2021 Q2 Solano and Napa Counties Industrial Market Research Report

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By Scott Ellis

Historically Low Vacancy

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The industrial vacancy rate in Solano and Napa counties decreased in the second quarter of 2021 from 3.8 percent to 3.1 percent. This represents the lowest vacancy rate we have recorded for this region. Market fundamentals remain strong, driven largely by the continued rapid growth of e-commerce and the food and wine industry. The low vacancy rates have also led to historically high levels of construction, as 1,863,304 square feet of industrial product is currently under construction. Average asking rates increased by $0.01 to $0.72 per square foot per month triple net (NNN) this quarter.

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2021 Q2 Solano and Napa Counties Industrial Market Research Report

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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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