Solano County Boasts Low Vacancy Rates, Over 1M SF Of New Industrial
With over 1M SF under construction and high demand, Solano County is becoming an ideal place for distribution and manufacturing companies. Fairfield boasts a warehouse vacancy rate at 1.5% (3% when light industrial and flex space is included), reports the North Bay Business Journal.
Solano and Napa counties reached industrial vacancy rates of 6.2% during the second quarter compared to 6.6% during the first quarter, based on Colliers data. Rents are increasing and are now at 53 cents/SF on a triple net basis.
Panattoni Development is working on the largest of the new projects, a 1.04M SF three-building business park at 1 Cordelia Road near Anheuser-Busch in Fairfield. Two of the buildings will offer 430k SF and 84 dock-high loading positions with the third at 178k SF and 25 dock-high doors.
Buzz Oates is constructing a 92,568 SF production plant in Fairfield, known as The Olive Oil Factory, for Critelli. Fornaggi Di Ferrante, Just Desserts and Heretic Brewery also are moving into the city. Earlier this year, USAA, advised by JLL, sold a 1M SF distribution center to JDB Partners.
Vacaville is also experiencing a wave of new tenants and new spaces. Buzz Oates completed a 128k SF warehouse in Vacaville Business Park earlier this year. Automatic Bar Controls has already moved into 81k SF of the building. Acorn Paper Productions leased the remaining 47k SF. Pacific Cycle moved into a 600k SF warehouse completed by Buzz Oates last year.
An additional 843k SF is opening in Vacaville after Save Mart Supermarkets' departure. [NBBJ]