Thursday, October 31, 2013

Q3 2013 Retail Market Report Now Available

Recovery is continuing, however, history says we need to persevere and be prepared for a long run.  A very slight increase in vacancy (.02%) in Q3 2013 is still nearly a full percentage point lower than Q2 2012.   

The anchor space vacancy is currently at 13.52%. In-Line shops have increased in vacancy to 23.46% this quarter from 23.42% last quarter. Total net absorption for this quarter was a negative 7,162 square feet, while the gross absorption was 68,391 square feet.

New tenant locations and new investments are happening.  Positive news for tenants is that there are good rates on good spaces available.

Many of the underlying statistics are improving. Housing value and consumer spending are trending higher, housing sales are increasing, while unemployment has dropped significantly. These numbers allude to an improving local economy.

Things are picking up, but we must be patient in the retail sector. 

To read the entire report click here.

Tuesday, October 8, 2013

Q3 Industrial Market Report Now Available

The third quarter of 2013 in the industrial market was exceptional here in Northern Nevada. The absorption of industrial space in the Reno-Sparks market in the third quarter — 1.8 million square feet — was more than five times greater than absorption in the same quarter last year. 

Bargains have nearly disappeared as the vacancy rate in industrial properties stands at 10.5 percent.  That's nearly a 2% drop in vacancy rates.  There were 9 transactions of more than 95,000 square feet.

So while we don't want to get too carried away, 2013 has continued to reward our cautious optimism in the industrial market.  The fourth quarter is a bit more concerning with governmental activity creating some skepticism on when and where to grow.  But right now, we will continue our optimism for Northern Nevada and the rebound we're seeing.  Good for the economy.  Good for jobs.  Good for Northern Nevada.
Click here to download the entire report.

You can also view an article published by the Reno Gazette Journal on the news by clicking here.