Wednesday, May 11, 2011

Second Consecutive Year

For the second consecutive year Scott Shanks, SIOR and Dominic Brunetti, CCIM were named ‘Office Brokers of the Year’ at the Northern Nevada Summit Awards.

Monday, May 9, 2011

NAI Alliance Takes Top Summit Award Honors

Saturday, May 7, 2011 marked the ceremony for the 6th Annual Summit Awards. Both the Office Team and Industrial Team of NAI Alliance took home top awards.

Scott Shanks, SIOR and Dominic Brunetti, CCIM of the NAI Alliance Office Team were named ‘Office Brokers of the Year’. This is the second consecutive year for Shanks and Brunetti to receive this award.

J. Michael Hoeck, SIOR; Dave Simonsen, CCIM, SIOR; Dan Oster; and Paul Perkins, CCIM, SIOR of the NAI Alliance Industrial Team were recognized for the ‘Largest Single Sale Transaction of the Year’.

Honorees were selected based on commercial real estate transactions completed in 2010. The Summit Awards are hosted by Commercial Real Estate Women (CREW), National Association of Industrial and Office Professionals (NAIOP), & Certified Commercial Investment Members (CCIM) to recognize northern Nevada professionals who have excelled in their respective fields of commercial real estate.

Thursday, May 5, 2011

First Quarter 2011 Office Market Update

Posted by: Dominic Brunetti, CCIM

775 336 4600

Activity breeds activity and it continues to slowly and steadily increase. Most people report this good news to inbound companies such as Brightpoint North America and Benco Dental Supply which are absorbing hundreds of thousands of square feet within the advanced logistics niche market. On the other hand, we do not hear enough about companies within the business service sectors such as Consolidated Agency Partners,, Sanare, B&B Medical Services, Enel Geothermal and others that are new to our market or expanding locally, creating an economic impact, diversifying the economy and absorbing office space.

Ending 2010 with a decreasing overall vacancy rate of 17.84%, the office market continues to improve with a total gross absorption of 29,625 square feet, netting positive absorption of 8,889 square feet end of Q1 2011 and a reduction in vacancy to 17.73%. Although we continue to see the “flight to quality” or image upgrade of local tenants, we are seeing more and more inbound activity from our neighboring states.

From a building owner’s perspective, let’s not get too bullish. Specific submarkets within Northern Nevada seem to be leading the front from a standpoint of improving quicker. The South Meadows, or often referred to South Reno, and Downtown Submarkets are leading the trend accounting for over 100,000 square feet of gross absorption year over year; a continuation of our flight to quality theory. That said, the Northern Nevada office market still bears approximately 300,000 square feet of Class A and Class B vacancy that would require absorption before Class A (or otherwise) speculative construction would be warranted. Therefore, rents continue to lag behind Q1’s positive absorption results remaining flat within their respective categories.

As mentioned last quarter, we are taking baby steps towards a recovery in the office market. Lingering state legislation and global trends will continue to be the burden or the boost necessary to create the jobs required to have an effect on the Northern Nevada office market.

Tuesday, May 3, 2011

9070 Double Diamond Parkway - For Sale and/or Lease

Posted by: NAI Alliance Office Group 775 336 4600

The Office Properties Group along with the Investment Properties Group is pleased to announce a New Exclusive Sale/Lease Listing for 9070 Double Diamond Parkway in Reno, Nevada. The Office Building is 4,160 square feet.

  • For Sale - $725,000
  • For Lease 2,000 to 4,160 square feet - $1.20/psf + NNN

    1. Office Property for Sale - 175 Salomon Circle, Sparks

      Posted by: NAI Alliance Office Group 775 336 4600

      The Office Properties Group along with the Investment Properties Group is pleased to announce a New Exclusive Sale Listing for 175 Salomon Circle in Sparks, Nevada. The Office Building is 17,640 square feet and is 100% occupied. The Sale Price is $2,650,000.

        Office Properties Group Lease Transactions for April 2011

        Posted by: NAI Alliance Office Group 775 336 4600

        The Office Properties Group welcomes:

      1. Dr. Kimbriel - 2281 Pyramid Way, Suite 16, Sparks
      2. Cornerstone Retirement Group - 5525 Kietzke Lane, Suite 103, Reno
      3. Behavioral Health Resources - 1495 Ridgeview Drive, Reno
      4. Pacific Tanning Company, LLC - 780 Vista Blvd., Suite 500, Sparks
      5. Reno Photo Booth, 175 Salomon Circle, Sparks
      6. Farmers Insurance Exchange - 50 West Liberty Street, Reno