Retail Market Sees Surging Demand
As businesses have begun shifting to 100 percent operating capacity since early June, demand for retail space has surged in the second quarter of 2021. With large leases signed by Crunch Fitness, Salvation Army, and Octapharma Plasma through the first half of the year, quarterly leasing activity this quarter rivaled pre-pandemic levels. The market has roughly 336,000 square feet of retail space under construction or undergoing renovation which are expected to deliver in the next five quarters. Retail sales volumes totaled $32.7 million this quarter and the average sale price per square foot increased 5.5 percent quarter-over-quarter to $181. Reno has experienced continued population growth through the pandemic, with more families migrating to the area each quarter. With the influx of new businesses and households entering the region, the retail market can expect elevated levels of demand throughout the second half of the year.
Would you like to have future reports delivered directly to your inbox? Sign-up to this and other regional e-mail delivery lists.