Office Impacted by Job Losses
Reno/Sparks saw office vacancy increased in the third quarter of 2020 to 10.8 percent as net absorption turned negative. There were no new completions of office space during the quarter. The average asking rate for office space increased slightly, to $1.84 per square foot (psf) on a full service gross (FSG) basis from $1.83 in the second quarter of 2020.
According to the Nevada Department of Employment, Training and Rehabilitation, the Reno/Sparks office job market lost 4,500 jobs between August 2019 and August 2020. Over this period, Reno/Sparks lost 1,500 jobs in the education and health services sector and 3,000 jobs in administration and support sector.
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