Reno’s Industrial Market Maintains Momentum
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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