Constrained Market Continues to Set Records
The industrial vacancy rate in Solano and Napa counties decreased in the fourth quarter of 2022 from 1 to 0.9 percent, marking another record low for vacancy. Absorption for the fourth quarter stood at 76,369 square feet of positive absorption with 2,271,039 to finish 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 $0.79 per square foot per month triple net (NNN) this quarter.
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