Lowest Unemployment Rates in 17 Years
Unemployment rates in Solano and Napa counties both hit 17-year lows in the second quarter. Solano County’s unemployment rate decreased to 3.4 percent in May and Napa County’s rate was 2.5 percent. Declining unemployment rates often directly correlate with declining vacancy rates in the office market. The combined office vacancy rate is currently 15.7 percent, down from a high of 25.3 percent in 2011. There was a slight increase in the vacancy rate in the second quarter as it rose by 0.6 percentage points. The combined average asking rate across all classes of office in the second quarter increased from $1.85 to $1.86 per square foot per month full service (FS).
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