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2021 Q4 Solano & Napa Office Market Research Report

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Leasing Remains Limited, Increase in Sales

MR_FAI_21Q4_OFC_175x227The office vacancy rate in Solano and Napa counties increased fractionally in the fourth quarter of 2021 from 18.0 percent to 18.1 percent. Leasing activity remains limited as many companies have postponed their return-to-office dates again. However, there were two sales of greater than 50,000 square feet in a quarter for the first time in more than a year. Net absorption was negative 5,945 square feet for the fourth quarter. The combined average asking rate across all classes of office remained flat at $1.99 per square foot per month full-service gross (FSG).

 

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2021 Q4 Solano & Napa Office Market Research Report

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Related Experts

Scott Ellis

Executive Managing Director

Walnut Creek

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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