Industrial Market Opened 2017 With Further Expansion
The industrial market in Solano and Napa counties opened 2017 with further expansion as construction was completed on 861,000 square feet of space in the first quarter. This additional inventory has now pushed the combined industrial inventory in Solano and Napa counties over 50 million square feet. The vacancy rate in the region remained largely unchanged in the first quarter at 6.2 percent, up only 0.1 percentage points for the quarter. Net absorption for the quarter was positive 790,807 square feet. Average asking rates remained flat at $0.53 per square foot per month triple net (NNN) in the quarter..