Weathering the Storm
Reno/Sparks saw office vacancy decrease in the second quarter of 2020, perhaps defying the expectations of some observers. Office vacancy decreased to 9.4 percent in the second quarter, from 10 percent in the first quarter of 2020. Net absorption was 46,345 square feet in the second quarter, higher than one year ago, and a significant improvement over last quarter. The average asking rate for office space decreased to $1.83 per square foot (psf) on a full service gross (FSG) basis from the first quarter of 2020’s $1.87 per square foot.
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