Reno Turns the Tide
The second quarter of 2019 turned the tide on our last few quarters of negative net absorption. We registered 70,949 square feet of positive net absorption, which pushed vacancy down to 12.3 percent this quarter from 13.3 percent last quarter. Despite positive net absorption and a decrease in vacancy we continued to see rental rates decreasing. The average asking rental rate dropped from $1.74 per square foot (psf) to $1.71 psf on a full service basis.
Would you like to have future reports delivered directly to your inbox? Sign-up to this and other regional e-mail delivery lists.