Originally published at https://www.cityofvista.com on September 9, 2021.
The interruption of the global supply chain has caused Vista businesses to boom as they work toward fulfilling the needs of American buyers. Experts say American businesses were forced to look to domestic manufacturers as a result of the pandemic, which in turn resulted in a focus on Vista, a city that is home to a variety of manufacturers including those in the life science, aerospace and information technology. This domestic economic boom isn’t ending anytime soon either.
A Harvard Business Review article said the COVID-19 cracks to the supply chain will force companies to rely on domestic manufacturers and labor to prevent shortages in the future. The City of Vista is quickly working to address the needs of American manufacturers by attracting them to the local industrial space.
Rusty Williams, a commercial real estate broker for nearly 20 years, said Vista continues to see a demand for industrial space.
“The Vista industrial market continues to see lease rates and sale prices climb,” said Williams, who has completed more than $800 million in transactions over his career. “Vista is comprised of approximately 14 million square feet and has a vacancy rate of 3.7% with no new buildings under construction.”
The lack of much-needed space is causing developers to build and occupy older buildings, Williams said.
“We are now seeing developers purchase existing buildings and re-positioning them to fit the current demand from industrial tenants,” he said. “Also institutional capital is flooding into the industrial markets which is driving prices up.”
Williams said because there continues to be a lack of supplies across industries, he expects lease rates and sale prices to climb in the near future.
The Azzur Group building in Vista. Courtesy photo.
Dan Dernbach, vice president of operations for Azzur Group since May 2020, oversees a team at the Vista Business Park. He said the company, which offers clean rooms and cGMP support services, has found success in the region because of the support from the city.
“Vista has done an excellent job in attracting high quality businesses that have remained vital or essential despite the pandemic,” Dernbach said.
Dernbach said many of the companies at the Vista Business Park are essential manufacturers in the biotech and biopharma, food production and the home-building industries that have seen an increase in demand over the last year and a half. Other companies are playing a crucial role in the fight against COVID-19, including those that work directly with The Azzur Group.
“Our client partners are on the frontlines working on critical therapies, vaccines and diagnostic tests for COVID-19,” Dernbach said. “Our model, which helps accelerate the development of their therapies have helped drive their success. The work on these cannot stop and have become increasingly important because of the pandemic.”
Dernbach said the continued demand has prompted The Azzur Group to move aggressively forward.
“Azzur Clean Rooms on Demand has aggressive growth plans to expand our footprint in the Vista area as well as multiple other locations throughout the U.S. over the next several years,” Dernbach said. “As our operations expand and we service more clients, we see continued need for expanding hiring in many scientific, engineering and warehousing roles. We want to continue to bring high quality jobs to the area.”
The Azzur Group is just one of many Vista companies with plans for local growth. In fact, the public will see a range of companies make their way to the city with the arrival of new life sciences, information technology, aerospace industries and more. The arrival of new companies will also support the overall economy in Vista, attracting new talent and businesses in both the office and retail sector.
“The challenges of the global supply chain have re-energized the American manufacturing industry, particularly in Vista,” Kevin Ham, Vista director of Economic Development, said. “The Vista Business Park has seen tremendous growth, a lowering of the vacancy rate and we expect the growth to continue, bringing new jobs to the region and economic prosperity.”