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