Vacancy Rate Eased Lower
The office market vacancy rate for Solano and Napa counties eased lower in the first quarter of 2017 from 15.4 percent to 15.1 percent. This marks the eighth time in nine quarters that the rate has declined, though the declines have generally been gradual. Net absorption in the quarter was positive 12,013 square feet. The combined average asking rate across all classes of office in the first quarter remained flat at $1.79 per square foot per month full service (FS) while the average asking rate for Class A office product decreased minimally in the first quarter from $2.21 to $2.20 per square foot FS.