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 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.

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.

NAI Alliance Releases Q1 2013 Office Market Report

Driven by California’s outrageous Prop 30, which retroactively raised state income taxes on many individuals in the Golden State, growth in the first quarter of 2013 was more than noticeable. New companies like Rogue Gaming continue to enhance our Downtown economy. Call center and data center activity has remained strong throughout the market. Henry Schein stayed in the market signing a new lease for 75,000 square feet, adding to the proof that Reno is a great small market call center location.

Also new, is San Francisco based Bookkeeper Zoo. The mobile bookkeeping startup opened their national service and data center in South Meadows. This continued level of activity will certainly create more momentum for the Reno Tahoe area as regional companies realize they can take advantage of our competitive taxes, real estate prices, and labor pool.

To read the entire NAI Alliance Q1 2013 Office Market Report, click here.