A Slow Start to 2020
The office market in the Reno/Sparks region got off to a slow start in the first quarter of 2020, and unfortunately must expect weaker performance as we deal with the business closures ordered in March 2020 in Nevada. Reno/Sparks office vacancy increased in the first quarter of 2020 to 10 percent, a 0.2 point increase from one quarter ago, but a 2.4-point decrease from one year ago. Net absorption was negative 15,086 square feet in the first quarter, slightly less than one year ago, when negative 13,089 square feet was absorbed in the first quarter of 2019. The average asking rate for office space increased to $1.87 per square foot (psf) on a full service gross (FSG) basis from the first quarter of 2019’s $1.69 per square foot.
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