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2022 Q1 Solano and Napa Counties Industrial Market Research Report

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Strong Tailwinds Continue to Drive Demand


The industrial vacancy rate in Solano and Napa counties increased minimally from 2.4 to 3.3 percent in the first quarter. The uptick is primarily a result of two buildings in Vacaville – a newly constructed vacant 304,655 square foot warehouse and a 337,896 square foot warehouse came back on the market. After record setting levels of net absorption in 2021, net absorption has remained strong as it was positive 481,600 square feet for the quarter. The region’s steady expansion continued as 968,836 square feet of new construction was delivered in the quarter. Average asking rates remained unchanged at $0.72 per square foot per month triple net (NNN) this quarter.

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2022 Q1 Solano and Napa Counties Industrial 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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Andrew Forbes

Associate Vice President

Walnut Creek

Andrew Forbes joined the Colliers International Walnut Creek team in 2015, specializing in leasing and sales of office properties, with a strong focus on central Contra Costa County. Partnering with other brokers on projects throughout the bay area, Andrew has expanded his expertise to include Industrial properties in the Solano and surrounding counties, developing long term connections with property owners, tenants and brokers. Andrew has further expanded his expertise to include partnering with the Collier's East Bay Multi-Family Investment Services Group on the acquisition and disposition of Multi-Family assets throughout the East Bay. 

Over the past few years, he has participated in the leasing or sale of various asset types, with transactions valued at more than $40  million. His ability to connect with people, a positive attitude, and solid work ethic are qualities Andrew brings to every transaction. 

Andrew was named “Rookie of the Year” in his first full year in the commercial real estate business, a direct result of his willingness to go the extra mile to bring added value and get the best possible deal for his clients.

Andrew earned his bachelor’s degree from the University of Colorado at Boulder, where he served on the Executive Board of Pi Kappa Phi. In his spare time, Andrew enjoys dirt biking, wake boarding, snowboarding, and golf.

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