Market Indicators
Relative to Prior Period
Vacancy
Q1
2022
Net Absorption
Market Asking Rate
Downtown Class A Asking Rate
Sales Volume
Average Sale Price
Q2 2022
Forecast
Key Takeaways |
The market vacancy rate of 10.8 percent declined 80 basis points quarter-over-quarter and is 200 basis points below Q1 2021.
Though the market saw an increase in available sublease space, quarterly net absorption of 24,799 square feet was the third consecutive quarter of positive demand.
The unemployment rate for the Reno region grew slightly to 3.2 percent in January 2022, though it is still down 160 basis points year-over-year.
Sales activity remained white hot in the first quarter with $70.9 million in sales volume at an average price of $261 per square foot, a 54.5 percent increase year-over-year.
The redevelopment of Reno City Center is now 52 percent leased after a after a nearly 80,000 square foot lease was signed by Clear Capital. The reimagined project will be delivered to Downtown in Q2 2022.
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Reno Office Market Fundamentals
Lease Transaction
Sales Transaction
Jordan Lehman
Research Analyst | Reno
Jordan.Lehman@colliers.com
+1 775 823 4671
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Randy Dixon
Regional Managing Director
Randy.Dixon@colliers.com
+1 916 563 3023
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Research & Forecast Report
Reno
Office Market
Reno’s office market got off to a strong start in 2022, with a flurry of leasing activity and elevated sales volumes. As some sublease space was introduced to the market, strong tenant demand floated net absorption to nearly 25,000 square feet in the first quarter. Investors have shown renewed interest in office assets as sales volumes continued to climb to $70.9 million and average pricing was pushed to $261 per square foot. Though the unemployment rate ticked up at the start of the year, January’s 3.2 percent is still well below both Nevada’s unemployment rate and the national average. Reno is no longer the West’s best kept secret – the word is out as droves of folks are flocking to the Biggest Little City.
Read on for an overview of the Reno office market.
Q1 2022
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Lease and Sales Transactions |
Q1 2022
Q1 2022
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Bob Shanahan
Research Manager
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+1 916 563 3018
Regional average direct asking rents increased 1.8 percent year-over-year to $1.87 per square foot. Downtown asking rents remained flat during the quarter while Suburban asking rents jumped 3.6 percent.
Q1 2022 Leasing Activity
Q1 2022 Sale Activity
