The industrial vacancy rate dropped 3.7 percent for the year to 7.5 percent, a Colliers report said. Demand for large warehouses has led to the Buzz Oates project on Cordelia Road in Fairfield, with two building totaling more than 800,000 square feet of space being built.
JMC Partners recently listed Gateway Business Park, the report said. The 52.4-acre parcel is across the street on Cordelia Road from the Buzz Oates project.
Fairfield has the lowest industrial vacancy rate in Solano County at 4.5 percent, the report said. Among the recent transactions in the city was DBI Beverage’s purchase of the 59,843-square-foot warehouse at 2449 S. Watney Way for $5.2 million, it said.
For the region’s office market, sales activity has returned but office leasing activity remains soft, the report said.
The vacancy rate for the fourth quarter of 2013 in Solano and Napa counties fell 0.7 percent to 22.1 percent, it said. Fairfield’s rate rose from 25.6 percent to 26 percent.