Reno Sees Healthy Office Space Activity
The third quarter of 2019 was one of the strongest quarters for office space in recent history. A healthy 130,000 square feet of positive absorption was recorded, with many large leases in the Downtown and Meadowood Submarkets. Vacancy decreased to 10.6 percent. These stats were enough to support new construction, which is why it was no surprise that Rancharrah finally broke ground with strong pre-leasing activity. Despite the positive statistics in the third quarter, we anticipate a few larger blocks of space to hit the market as a result of some of this quarter’s significant transactions. One example of this was Microsoft leasing 25,000 square feet on the second floor of Sierra Center Parkway, which will cause a vacancy of 40,000 square feet at 6100 Neil Road when they relocate in the fourth quarter.
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