US: Napa wine flows, vacancy slows
US: Napa wine flows, vacancy slows
May 13, 2012 6
(TheReporter) - The resurgence of the wine industry in Napa County and beyond is one of the forces driving an increase in warehouse demand in the Napa/Solano region, according to a new report by Colliers International.
The resurgence is a leading factor in vacancy stabilizing and declining in three of the past four quarters, Colliers noted. In the first quarter of 2012 the industrial vacancy rate for Napa and Solano counties declined to 12.9 percent, down 0.3 percentage points from the prior quarter and 1.8 percentage points for the year.
In the first quarter of 2012, the office vacancy rate in Solano and Napa counties decreased minimally from 23.7 to 23.5 percent, slightly higher than last year's vacancy rate of 22.9 percent. The sharp decline in average asking rates over the past two years may be easing as rates appear to be flattening, and slightly increased by $0.02 to end the quarter at $1.70 per square foot per month (psf/mo) full service (FS).
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