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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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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

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Chris is Senior Vice President of the Industrial Group at Colliers International in Reno NV. He specializes in industrial property sales, leasing, investments, and land, and has had the benefit of working with many local, regional, and national tenants and landlords. Chris started his industrial real estate career with Mark Glenn of Industrial Properties of Nevada in 2007. In 2009, Chris joined Grubb & Ellis’s Reno Office and re-affiliated with the local office to Avison Young in 2012. 

Chris actively serves on the Board of Directors at NAIOP for the last two years. Prior to that the Developing Leader Chair for Northern Nevada NAIOP Chapter in 2012 and 2013. Chris volunteers annually with Keep Truckee Meadows Beautiful, and the Truckee River Foundation. Chris actively supports the Nevada Land Trust, Friends of Nevada Wilderness, and The Holland Project. Interests include hiking, backpacking, snowboarding, cross country skiing, kayaking and fly fishing. 

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Casey Scott

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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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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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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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