Tight Conditions Define the Industrial Market
The industrial vacancy rate in Solano and Napa counties decreased in the third quarter of 2022 from 1.3 to 1 percent, marking consecutive quarters with record low vacancy. Absorption for the third quarter stood at 153,862 square feet of positive absorption with 2,111,507 on the year. The development pipeline is chugging along, as 3,313,966 square feet of buildings are currently being constructed in our market. Average asking rates rose slightly to $0.78 per square foot per month triple net (NNN) this quarter.
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