The year 2012 has shown steady signs of economic recovery for the city of Benicia, according to Mario Giuliani, city economic development manager.
Reflecting Benicia’s multimodal advantages of a deepwater port, railway, and access to interstates 680 and 780, several trucking and warehousing firms leased space in Benicia Industrial Park in the last several months. Key among the new tenants is Yandell Truckaway, Inc. / Santa Clara Warehouse, which leased 120,000 square feet.
On the manufacturing side, Benicia welcomed Encore Glass, CI Actuation and Velan Valve, among others. Some of the newly located or expanded companies serve the wine industry, taking advantage of Benicia’s proximity to Napa Valley and other surrounding wine producers.
In addition to market access, Mr. Giuliani attributed the increased activity to comparatively low real estate costs. Asking rates are 25 to 50 percent lower than many Bay Area locations, according to a recent report by Cornish & Carey Commercial Newmark Knight Frank.
While Benicia’s vacancy rate has dropped from 18 percent in 2010 to 16.7 percent in the third quarter of 2012, the city still has more than 1.37 million square feet -- out of a total of 19.5 million square feet -- of available space.
The city of Benicia continues to invest in the Benicia Industrial Park infrastructure with additional street and broadband improvements planned for 2013.
The city also is rolling out its Business Resource Incentive Program to incentivize businesses in the Industrial park to make improvements that reduce energy, water, solid waste, recycling and fuel costs and improve profitability.