Wednesday, November 20, 2013

NAI Alliance Releases Q3 2013 Office Market Report

The office market in Q3 2013 in Northern Nevada was exceptional.  Signs in the quarter were that not only are new businesses moving to the area, many local businesses are expanding in Northern Nevada.  While there are no promises that this will continue, there are activity indicators that we are moving ever-closer to at least a hint of normalcy as the rebound conitnues.

Below are a few of the key points regarding the Northern Nevada office market in Q3:
  • In Q3, there was 105,000 square feet of space absorbed by local economic growth
    • This number almost quadrupled absorbtion quarter over quarter
    • This number nearly tripled absorbtion in all of 2012
  • The overall vacancy rate is down to 13.9%· 
  • The South Meadows submarket led with 46,000 net square feet   
  • The downtown submarket absorbed nearly 30,000 net square feet
Scott Shanks, SVP/Principal, SIOR and Dominic Brunetti, SVP/Principal, CCIM prepared the report on the office market in Northern Nevada.  

To read the entire report, click here.

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