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2020 Q4 Reno Office Market Research Report

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Office Market Starts Road to Recovery

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The Reno/Sparks office market finished the year with positive demand, declining vacancy, and softening rents. Though annual net absorption of -46,892 square feet resulted in a 60 basis point increase in the market vacancy rate over the course of 2020, Reno’s office sector job growth and strong in-migration since the pandemic point to a vibrant recovery in 2021. The Village at Rancharrah delivered a fully leased 15,000 square foot building during the fourth quarter, the only new completion in 2020. The average asking rate fell $0.03 during Q4 but is level with year-end 2019 at $1.77 per square foot full service gross.

 

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2020 Q4 Reno Office Market Research Report

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Related Experts

Jordan Lehman

Research Analyst

Reno

As a Research Analyst in Reno, I  perform database maintenance and work with the Northwest Research team to produce quarterly reports for the region. I also track market activity to provide meaningful insights for our excellent group of advisors. My areas of interest  include the Industrial, Office, and Retail sectors. With a background in finance, I enjoy the creative problem solving involved in research.

Outside the office my passions are film, music, and rock climbing.

 

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Melissa Molyneaux

Executive Vice President

Reno

Melissa is an Executive Vice President with Colliers International. Her area of specialization is office properties and her focus includes landlord and tenant representation in leasing and sales. Melissa served as the Executive Managing Director of the Reno office from 2015 to 2020.

Melissa is an active member of the community and has served on many boards, foundations and committees. She is the past president of Commercial Real Estate Women (CREW) and the College of Business Alumni Association (COBAA), as well as now being a lifetime Emeritus member.

Currently she is on the US Bank Advisory Board and a board member of EDAWN Board of Trustees. In addition, she is a member of the Northern Nevada CCIM Chapter, Commercial Real Estate Women (CREW), Economic Development Authority of Northern Nevada (EDAWN), and the Northern Nevada/California Society of Office and Industrial Realtors (SIOR) Chapter. Melissa is a graduate of the Leadership Reno-Sparks Class of 2009. She founded The Group in 2006 to help collaboration among women in business.

Melissa is a native Nevadan and enjoys the outdoor activities Northern Nevada offers, along with her husband Brian, daughter Charlotte, son Brennen and their two dogs. She is a fitness enthusiast and enjoys running, triathlons, Bikram yoga and cross-country skiing.

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Landon Gonzalez

Senior Associate

Reno

Landon focuses on both leasing and sales of office and industrial properties in Northern Nevada. Landon has experience working with sellers to strategically bring investment offerings to the market.  Additionally, Landon has experience  representing both Landlords and Tenants in the leasing and renewal processes.  To continue to further his market  knowledge he works with senior brokers on a variety of projects.  His primary focus is to provide excellent service to landlords and tenants alike.

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Randy Dixon

Regional Managing Director

Sacramento

Since joining Colliers in July 2010, Randy has put his priorities in building a team of leading market experts for each discipline and combining them with market leading support services and strong next generation brokers, that brokers can leverage to improve their business success.  He has successfully transitioned the culture of the brokers from a silo centric office of teams that work independently to a group that collaborates and leverages the expertise of those around them to improve their business success.  He has been committed to creating an environment where Colliers is giving back to the community and enjoying a fun place to work.

Prior to joining Colliers in July 2010, Randy was 22 years experience in Commercial Real Estate with Hines, a privately owned, international real estate firm that has provided the highest level of quality, service and value to its clients and investors.  Randy most recently was responsible for Asset Management services for the 39 properties totaling 3.5 million square feet as well as New Business for the Sacramento area.  Over his tenure with Hines he has worked in Seattle, San Francisco, Los Angeles and San Diego in building successful teams and providing oversight to Asset, Leasing, Property, Facilities and Construction Management services. 

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Bob Shanahan

Research Manager

Sacramento

I entered commercial real estate at the start of 2015 at Colliers in Seattle/Bellevue and have accumulated more than six scintillating years of commercial real estate research experience. A writer by nature, I am always trying to tell the story behind the numbers and go above and beyond to add value to our team of brokers. Forever teachable and eternally curious, I strive to always be learning more and staying on the leading edge of market trends and remaining abreast of all pertinent real estate transactions and developments. Passionate about real estate and cities, I remain dedicated to taking Colliers to the next level by providing market-leading thought leadership and trends analysis for my team of internal and external clients.. I am a journalist by trade and a natural-born storyteller, always digging into the statistics in order to craft a forward-looking narrative, providing valuable insights to the brokers I support.

I have ample experience in office, industrial, multifamily, and retail research, assisting brokers in the leasing and selling of property. I focused primarily on the office and industrial markets in the Seattle/Puget Sound region from 2015-2017. From the fall of 2017 to early 2018, I was the office market research analyst at JLL in Sacramento, spending most of my time on Downtown office landlord rep-related work. Since May 2018, I have been back at Colliers in my hometown of Sacramento. At Colliers | Sacramento,  from mid-2018 to today,I have accelerated my career in the support of 40 brokers across the Capital City region. In late  2020, I was tasked with overseeing the Reno market while managing a new research associate. Over the last few years, I have extensive experience across many sectors of commercial real estate, including office, industrial, multifamily, retail, capital markets, healthcare, and life science. 

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