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2019 Q4 Reno Industrial Market Research Report

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Record Absorption in the Game Without Innings

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The fourth quarter’s gross absorption was highlighted by several transactions. McCarran Commerce Center welcomed a lease of almost 800,000 square feet and a majority of their renovated space to a company that stores solar panels. Prologis’s build-to-suit for Makita of 600,000 square feet in the North Valleys was a win that was not expected to deliver until next quarter. A confidential user finalized the sale of a 903,000 square foot industrial building with Dermody Properties. Dermody will be tearing off the east wall of their 436,368 square foot space and adding the additional square footage in the coming quarters. The remainder of the transaction will be counted towards absorption at that time. All in all, there were ten transactions over 100,000 square feet for the quarter, which was unprecedented in any previous single quarter in the market.

On an annual basis, both gross and net absorption posted strong numbers in comparison to years past. Our Reno/Sparks marketplace continues to draw attention for its West Coast distribution fundamentals and its pro-business environment.

 

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2019 Q4 Reno Industrial Market Research Report

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