Office Market Starts Road to Recovery
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.
Would you like to have future reports delivered directly to your inbox? Sign-up to this and other regional e-mail delivery lists.