New Construction Driven By Low Vacancy
New construction of industrial buildings in Solano and Napa counties continues to be driven by low vacancy rates throughout the region. The combined vacancy rate now stands at 5.7 percent, down from 6.4 percent in the prior quarter. 317,832 square feet of industrial buildings were completed in the third quarter; 384,277 square feet of buildings are currently under construction and nearly five million more square feet are planned. Average asking rates increased by one cent to $0.56 per square foot per month triple net (NNN) this quarter.
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