Historically Low Vacancy
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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