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.
Would you like to have future reports delivered directly to your inbox? Sign-up to this and other regional e-mail delivery lists.