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 Office Q2 2013 Market Report Available

There has been a good deal of buzz regarding Industrial and Retail Commercial Real Estate space in Northern Nevada. Now it's time to shed some light on the Office Market.  Net absorbtion was positive, but a little slower than Q1.  There are a number of transactions we know about on the horizon, so we're anticipating a good report in Q3.  Again the phrase cautious optimism in a slow, but continually upward trending, recovery.

Of interest in the report is the American Care Act (ACA) enrollment beginning October 1.  Small businesses in the service industries are in agreement that hiring full-time employees is a risk only a few are willing to take.

Here are some of the highlights of the report: 

• The decelerated, yet positive, net absorbtion does not accurately depict the activity levels in the market.
• Much of the activity can be attributed to local expansion within service industries
• Downtown continues to see signs of health at 14.42% vacancy
• The Meadowood submarket continues to be the stronghold at 12% vacancy
• There were a total of 34 transactions in Q2

You can read the entire report by clicking here.

Northern Nevada Office Property Market Continues To Improve, Optimism Slowly Rising - by NAI Alliance

(Article published in the March 25, 2013 edition of Northern Nevada Business Weekly - Scott Shanks, SVP Principal and Dominic Brunetti, SVP Principal of NAI Alliance Office Property Group contributed the piece)

Many in northern Nevada are starting to feel that most industries are beginning to experience rebounds. The office property market in the area is experiencing the same. Cautious optimism in the office market is prevailing, and there are a number of reasons this is the case.

With asking rents and interest rates remaining low coupled with the quantities of available space on the market, brokers, investors and developers continue to feel that this will only benefit both new, and existing, tenants in the area.

There are some key areas that are experiencing near “back to normal” market trends. The downtown market is a highly sought after environment, as is the Meadowood area. In both of these hot sub-markets, tenants can be expected to pay in the $2.00/sqft range for high-quality Class A space, which is close to where prices were before the recession in the area.

This is due in large part to the demand for .....  Click here to read the entire piece from NAI Alliance.