3rd Quarter 2014 Retail Market Report

The NAI Alliance Retail Properties Group has released its Q3 2014 Northern Nevada Retail Market Report.  Here are some of the salient points from the report:

• Overall vacancy rates increased to 16.76%
• Anchor space vacancy increased slightly to 13.96%
• In-line shops decreased in vacancy to 20.75%
• There were 17 tenants moving into space in Q3 2014 resulting in 53,221 square feet of new leases.
• In this quarter, net absorption was -37,411 square feet and gross absorption was 65,635 square feet. 
• There were two significant sales in the third quarter. The Del Monte Center and a set of retail properties on the NEC of Sparks Blvd. and Los Altos. Find more details in our quarterly market report.

Please click here to download the entire report.

2Q14 Retail Market Report

The NAI Alliance Retail Properties Group has released its Q2 2014 Northern Nevada Retail Market Report.  Here are some of the salient points from the report:

• Overall vacancy rates decreased slightly to 16.57%
• Anchor space vacancy is currently at 13.09%
• In-line shops decreased in vacancy to 21.52%
• There were 48 tenants moving into space in Q2 2014 resulting in 247,843 square feet of new leases.
• In this quarter, net absorption was 109,604 square feet and gross absorption was 247,843 square feet. 
• There were two significant sales in the second quarter. The Texaco at 1365 Baring Blvd. and a small retail strip center at 1145 N. McCarran Blvd. Find more details in our quarterly market report.

Please click here to download the entire report.

Retail Market Report Q1 2014

The Northern Nevada retail vacancy rates continued to decline during the first quarter of 2014. 

• Overall vacancy rate: 17.29%
• Anchor space vacancy rate: 13.78%.
• In-Line shops vacancy rate: 22.30% 

• Net absorption: 76,960 SF
• Gross absorption: 144,319 SF

 Download the Q1 2014 Retail Market Report

NAI Alliance Wins Three Categories at the Annual Summit Awards 2014 Event

Kelly Bland with NAI Alliance Reno Retail Properties group, members of the NAI Alliance Reno Industrial Properties group, and Andie Wilson, CCIM of NAI Alliance Carson City received coveted awards at the 9^th Annual Summit Awards Event held Friday, April 18th at the Eldorado Hotel Casino Convention Center. 

NAI Alliance Principal/Senior Vice President of Retail Properties, Kelly Bland, won the 2013 award for Retail Broker of the Year for the second year in a row!  The Broker of the year award is based on total production from a broker in the retail industry.  Some of Mr. Bland’s transactions in 2013 included the renewal of TJ Maxx, DB Shoes and Michael’s stores at Firecreek Crossing located at 4821-4871 Kietzke Lane; the sale of the former K-Mart building located at 4855 Summit Ridge; and the new CarMax Development along South Virginia Street in South Reno.

Also, the NAI Alliance Industrial Property brokers received the award for the 2013 Largest Single Sale Transaction.  J. Michael Hoeck, SIOR; Michael Nevis, CCIM; Dave Simonsen, CCIM, SIOR; and Dan Oster, SIOR of NAI Alliance Reno represented the seller, PanCal Fernley LLC, in the investment sale of a 337,500sf distribution warehouse.  The building is fully leased to Trex Company, Inc.    

And finally, Andie Wilson, CCIM, Principal/Broker-Salesperson of NAI Alliance Carson City received the 2013 award for Generalist of the Year. Based in Carson City, this is the third time Ms. Wilson has won this award. A generalist doesn’t specialize in any one area of commercial brokerage, instead participating in transactions across the board: industrial, retail, office, land, and investment.

           

The Summit Awards of Northern Nevada recognizes notable achievements in the commercial real estate sector from 2013. The Summit Awards is the only awards program of its kind in Northern Nevada to encourage and recognize distinguished commercial agents, brokers, property managers, developers and projects.  The annual Summit Awards are sponsored by the Northern Nevada chapters of CCIM, CREW, and NAIOP.

Ground Breaking Ceremony for First New Constuction in N. Nevada in Nearly 2 years Mon. February 10 - 1 p.m.

Lake Washington Partners, a commercial real estate firm owning, managing and developing properties across the United States, will break ground Feb. 10 for phased development of 1.5 million-square-feet of distribution/warehouse space within Spanish Springs Business Center. Seattle area-based Lake Washington Partners purchased the 66-acre site from Spanish Springs Limited Partnership in October, 2013.

The ceremony is Monday Feb. 10 at 1 pm at 450 Ingenuity Ave. with representatives of Spanish Springs Limited Partnership, including Hawco Properties, the Economic Development Authority of Western Nevada (EDAWN) and Washoe County in attendance.

With an anticipated completion in late 2014, the first phase will be a 750,000-square-foot distribution center for SanMar Corporation – the first new construction in Northern Nevada in nearly 2 years, making it a fantastic story in terms of positive economic activities impacting the area.

The NAI Alliance Industrial Property Group of Dave Simonsen, SIOR, CCIM, J. Michael Hoeck, SIOR, and Michael Nevis, CCIM, represented the owner of the land, Spanish Springs Limited Partnership, in the transaction. Representatives from NAI Alliance will be in attendance at the event and will be available for additional comment.

NAI Alliance Releases Q4 2013 Office Market Report

A good end to the year for the Northern Nevada Office Market.  The office market in Northern Nevada continued to improve at a rate not seen since the start of the recession in Q3 and Q4 2013.  Here are a few of the highlights from the report.

• Q4 absorbtion nearly quadrupled quarter over quarter measures
• Net absorbtion in 2013 was over 5x the 2012 net absorbtion at 202,244 square feet
• Overall vacancy is down to 13.64%
• Quality spaces in Class A buildings are at a premium, resulting in developers planning speculative building projects
• Notable transactions:
• Custom Ink, 50,000 square feet in the Reno Tech Center (100% occupancy)
• LP Insurance, 22,000 square feet at Park Center Tower in Downtown (close to 100% occupancy 

 Click here to view the entire market report.

NAI Alliance Retail Group Releases Q4 2013 Market Report

The NAI Alliance Retail Properties Group has released its Q4 2013 Northern Nevada Retail Market Report.  Here are some of the salient points from the report:

• Overall vacancy rates decreased slightly to 17.45%
• Anchor space vacancy is currently at 13.79%
• In-line shops decreased in vacancy to 22.8%
• There were 23 tenants moving into space in Q4 2013 resulting in 74,406 square feet of new leases.
• In 2013, net absorbtion was 117,873 square feet and gross absorbtion was 465,798 square feet. 
• There were 4 significant investment sales in the second half of 2013, including the Sparks Galleria which sold for $26.2 Million.

Please click here to download the entire report.

NAI Alliance Industrial Team Releases Q4 2013 Market Report

The fourth quarter of 2013 continued the momentum from Q3 for the Industrial Commercial Real Estate market in Northern Nevada. It was a great close of the year as we look towards 2014.

Here are a few quick points. Further details are in the PDF.

• Vacancy rates are below 10% for the first time since Q1 2008 – 9.1%
• A balanced Northern Nevada market is in the 8-10% range
• Gross absorbtion was 89% higher than Q4 2012
• Net absorbtion was 526% higher (not a typo) than Q4 2012 and 768% higher (also not a typo) than the 5 year average.
• There were 41 transactions in the quarter with an average size of 41,000 SF per transaction.
• Only one developer is grading on a 399,000 SF
• Might cause the market to tighten with tenant inability to wait for ground up development.

 All of this means that we’re still on the path to recovery and have viable optimism for 2014.

Click here to download the entire report.