Record Levels of Construction
The industrial vacancy rate in Solano and Napa counties decreased in the third quarter of 2021 from 3.1 percent to 2.1 percent. The region’s vacancy rate reached a record low for the second consecutive quarter. The unprecedented growth of the e-commerce industry continues to drive demand for warehouse/distribution product. This combination of low vacancy and high demand has led to significant levels of new construction. Average asking rates remained unchanged at $0.72 per square foot per month triple net (NNN) this quarter.
Would you like to have future reports delivered directly to your inbox? Sign-up to this and other regional e-mail delivery lists.