Northern Nevada By Colliers | Reno The Reno/Sparks office market has begun its journey to recovery in the fourth quarter of 2020, with positive office job growth and strong in-migration pointing to a rebound in the near future. Office vacancy saw a 40 basis point decrease since the previous quarter, from 13.1 percent in the third quarter to 12.7 percent in the fourth … [Read more...] about Commercial RE Report
Commercial RE Report
Commercial RE ReportIndustrial Summary: Fourth Quarter 2020
Northern Nevada By CBRE Reno The northern Nevada industrial market finished off a strong year by recording the largest year-to-date net absorption total since 2016. The fourth quarter of 2020 recorded 1.2 million square feet of positive net absorption, pushing the year-end total to 4.3 million square feet. Overall, the market had strong leasing activity throughout the … [Read more...] about Commercial RE Report
Commercial RE ReportRetail Summary: Third Quarter 2020
Northern Nevada By Dickson Commercial Group Retail had its second slow quarter in a row with only 11 total sales. The third quarter sales volume came in at $10,303,027. In comparison, Q1 2020 had a total sales volume of roughly $42 million and there was just over $48 million per quarter throughout 2019. The average price per square foot was $331.26. The social … [Read more...] about Commercial RE Report
Commercial RE ReportOffice Summary: Third Quarter 2020
Northern Nevada By Colliers | Reno Reno/Sparks saw office vacancy increase in the third quarter of 2020 to 10.8 percent as net absorption turned negative. There were no new completions of office space during the quarter. The average asking rate for office space increased slightly, to $1.84 per square foot (PSF) on a full-service gross (FSG) basis from $1.83 in the second … [Read more...] about Commercial RE Report
Commercial RE ReportIndustrial Summary: Third Quarter 2020
Northern Nevada By CBRE Reno The northern Nevada industrial market has been resilient in the wake of the COVID-19 pandemic as market fundamentals remained strong in Q3 2020. After impressive net absorption totals in the second quarter, Q3 posted healthy figures with 855,106 square feet of positive net absorption, pushing the year-to-date net absorption total past 3 … [Read more...] about Commercial RE Report
Commercial RE ReportRetail Summary: Second Quarter 2020
Northern Nevada By Dickson Commercial Group At the start of 2020, employment growth in Reno was among the highest in the nation. Due to COVID-19, the shutdown of many non-essential retailers has caused an impact on this growth. The Nevada Department of Employment, Training and Rehabilitation (DETR) says the state’s overall unemployment rate was at the highest in the … [Read more...] about Commercial RE Report
Commercial RE ReportOffice Summary: Second Quarter 2020
Northern Nevada By Colliers Reno Reno/Sparks saw office vacancy decrease in the second quarter of 2020, perhaps defying the expectations of some observers. Office vacancy decreased to 9.4 percent in the second quarter, from 10 percent in the first quarter of 2020. The average asking rate for office space decreased to $1.83 per square foot on a full service gross … [Read more...] about Commercial RE Report
Commercial RE ReportIndustrial Summary: Second Quarter 2020
Northern Nevada By CBRE Reno As the COVID-19 pandemic unfolded in Q2 2020, it delivered a widespread shock to the U.S economy. While it is too early to fully comprehend the long-term impact the pandemic will have, industrial real estate has emerged well positioned to weather the current economic climate. The Reno industrial market finished the quarter strong after an … [Read more...] about Commercial RE Report
Commercial RE ReportRetail Summary: First Quarter 2020
Northern Nevada By Dickson Commercial Group Retail sales have been up and down quarter by quarter for some time. Q1 was down by 50 percent from Q4 but volume overall was consistent with averages when looking at the last 12 months. Two major deals made up over 55 percent of the total volume for the quarter which helped keep the numbers up. The first quarter had a … [Read more...] about Commercial RE Report
Commercial RE ReportOffice Summary: First Quarter 2020
Northern Nevada By Colliers Reno The Reno/Sparks office market got off to a slow start in the first quarter of 2020, and unfortunately must expect weaker performance as we deal with Nevada business closures. Reno/Sparks office vacancy increased to 10 percent, a 0.2 point increase from one quarter ago, but a 2.4-point decrease from one year ago. Net absorption was negative … [Read more...] about Commercial RE Report
Commercial RE ReportIndustrial Summary: First Quarter 2020
Northern Nevada By CBRE Reno Strict stay-at-home orders due to the COVID-19 pandemic are leading the U.S. economy into a recession with a very sharp GDP decline in for Q1 2020. However, the unique nature of this downturn could result in an unusually swift economic recovery that may begin as early as Q3 2020. Prior to the pandemic, the Reno industrial market began to … [Read more...] about Commercial RE Report
Commercial RE ReportRetail Summary: Fourth Quarter 2019
Northern Nevada By Dickson Commercial Group The fourth quarter posted the highest dollar volume by almost two times for the year with $87.14 million in sales volume over 22 transactions. Both were highs for the 2019 quarter by quarter. The most notable sale was the 10 building Sparks Galleria disposition, which accounted for roughly half of the quarter’s volume. The … [Read more...] about Commercial RE Report
Commercial RE ReportOffice Summary: Fourth Quarter 2019
Northern Nevada By Colliers International | Reno Office vacancy continued to decrease in Reno/Sparks, dropping to a very healthy 10.1 percent in the fourth quarter of 2019, down from 11.8 percent in the fourth quarter of 2018. After a sharp increase in vacancy in the first quarter of 2019, when it reached 13.1 percent, vacancy fell in every quarter thereafter. There … [Read more...] about Commercial RE Report
Commercial RE ReportIndustrial Summary: Fourth Quarter 2019
Northern Nevada By CBRE Reno The industrial market continues to exhibit robust demand, finishing the year with 2.5 million square feet of net absorption, bringing the year-end total to 3.7 million square feet. This was the seventh consecutive year where occupancy gains exceeded 3.5 million square feet. Overall, tenant demand remained diverse over the course of 2019 … [Read more...] about Commercial RE Report
Commercial RE ReportRetail Summary: Third Quarter 2019
Northern Nevada By Dickson Commercial Group Investment activity slowed slightly in Q3, with over $34 million in volume over 19 transactions, down from $55 million in Q2. The quarter simply lacked any major shopping center deals, as most were pushed into the early part of Q4. The largest leasing transaction this quarter was for Action Home Appliance & TVs. … [Read more...] about Commercial RE Report