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2021 Q2 Reno Industrial Market Research Report

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Reno’s Industrial Market Maintains Momentum

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Reno’s industrial market fundamentals continued to excel this quarter as overall vacancy compressed to 3.1 percent – a 220 basis point decline year-over-year. With 3.7 MSF of net absorption year-to-date, this year has outpaced 2020’s midyear absorption totals by 20.4 percent. Though 1.6 MSF of new industrial supply has already been delivered in the first half of the year, more than double that amount – 3.8 MSF – is still under construction. Sales activity spiked this quarter at $545 million, with a large portfolio sale accounting for nearly three-quarters of total sales volume. Strong momentum in leasing and sales activity have reduced regional vacancies, which should cause the market to tighten through the end of the year.

 

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2021 Q2 Reno Industrial 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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Chris Fairchild

Executive Vice President

Reno

Chris specializes in industrial property leasing, sales, and investments in the Reno-Sparks and Northern Nevada market.  Chris spends the majority of his time focusing on industrial tenant and buyer representation.   Chris has been fortunate to work with many local, regional, and national companies with their real estate needs, delivering exceptional results, and creating long-term relationships.

Chris has experience negotiating a variety of complex real estate transactions including national and regional distribution facilities, corporate headquarters, data centers, manufacturing plants, and fulfillment centers.

Chris is a member of Colliers Logistics and Transportation Solutions Group.  Leveraging this national platform, Chris’ team has delivered custom-fit logistics solutions to his client’s supply chain needs which have led to many success stories and multi-market assignments.

Chris takes a hands-on approach with his clients and is passionate about understanding their business needs. He and his team drive value for his clients with their superior knowledge of the market, their transaction processes, and punctual communication.

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Casey Scott

Vice President

Reno

As an industrial sales and leasing associate in Northern Nevada, I am happy to apply the skills that I developed as a leading retail associate over the last several years. In my retail role, I harnessed my industry knowledge and provided exceptional value to my clients. My extensive client list includes some of the most prominent owners, tenants, and developers in the area such as Shopoff Realty Investments, ALS Geochemical, and McKenzie Development. I have successfully leased and sold property ranging from small single-tenant suites to large multi-parcel shopping centers.  

Due to the adjusting marketplace post COVID, traditional retailers are adapting and merging with industrial and supply chain opportunities to narrow the gap between manufacturer and consumer. I saw an opportunity to add value to my clients and change my focus to industrial services. My services include industrial landlord and tenant representation and investment sales in which I bring a pragmatic and analytical approach.  

Prior to joining Colliers, I spent nine years in the retail automotive industry where I developed in depth knowledge of the Northern Nevada community as well as the rewards and challenges associated with small business.  

As a former flight instructor and airline pilot I have a keen interest in the integration of complex systems, processes and human factors.  A lifetime of self-discipline, attention to detail, and continuous evaluation helps me realize my client’s overarching business objectives. Delivering the counsel and services necessary for true ‘win-win’ transactions is my goal. 

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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.

In 2019, Randy expanded his role to include oversight and leadership of the Reno office, and at the beginning of 2022 he has taken on the leadership role for the Puget Sound Seattle and Bellevue offices.  His priority for each of these offices continue to be to build the best culture and resources in the marketplace, and recruit a complement of brokers who add value to the team that others can leverage  to  improve their business success.

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

Bob entered commercial real estate at the start of 2015 at Colliers in Seattle/Bellevue and has more than seven years of commercial real estate research experience. A writer by nature, Bob is always trying to tell the story behind the numbers and go above and beyond to add value to his brokerage partners. Forever teachable and eternally curious, Bob strives to always be learning more while staying on the leading edge of market trends and remaining abreast of all pertinent real estate transactions and developments. Passionate about real estate and urban planning, Bob is dedicated to taking Colliers to the next level by providing market-leading thought leadership and trends analysis for his internal and external clients.. Bob is a natural-born storyteller, always digging into the statistics with unmatched nuance to craft a forward-looking narrative and outlook across the many sectors of commercial real estate he tracks.  

With extensive experience in office, industrial, multifamily, and retail research, and a developing competency in capital markets, life science, and healthcare/medical office, Bob assists brokers in the leasing and selling of property, providing best in class research support. He regulary provides market presentations for internal brokerage teams and external organizations. Bob focused primarily on the office and industrial markets in the Seattle/Puget Sound region from 2015-2017. From fall 2017 to early 2018, Bob was the office market research analyst at JLL in Sacramento with an emphasis on Downtown landlord-rep related research. 

Since May 2018, Bob has been back at Colliers in his hometown of Sacramento. Since mid-2018, Bob bas accelerated his career in the support of 40 brokers across the Capital City region. In late  2020, Bob was tasked with overseeing the Reno market while managing a new Research Analyst, and has taken on an increasing leadership role in the Northwest region, including leading the regional multifamily market report comprised of 10 markets from Northern California and Northern Nevada to Oregon and Washington. Bob has invested in his leadership development, recently completing the two year Management Development Program at Colliers in partnership with Harvard Business School and completing the year long Leadership Sacramento Class of 2021 through the Sacramento Metro Chamber Foundation.  

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