Leasing Activity Remains Low, Uptick in Sales
The office vacancy rate in Solano and Napa counties increased in the third quarter of 2020 from 16.0 percent to 16.5 percent. The increase in vacancy was largely attributable to leasing activity remaining low this quarter. However, there was an uptick in sales activity as two relatively large investment transactions took place in the quarter. Net absorption for the third quarter was negative 29,085 square feet. The combined average asking rate across all classes of office declined by $0.02 to $1.99 per square foot per month full service (FS).
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