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2021 Q3 Reno Office Market Research Report

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Demand Heating Up


Reno’s office market saw increased leasing activity in the third quarter of 2021 with 39,719 square feet of positive net absorption, the highest the market has experienced in five quarters. Sales volume cooled off this quarter as a result of limited product on the market, however, buyer demand continued to heat up, placing upward pressure on pricing. With many companies returning to the office and new businesses continuing to expand across Northern Nevada, the region will likely see declining vacancy rates, rising leasing activity, positive net absorption, and an uptick in sales activity through the end of the year.


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2021 Q3 Reno Office Market Research Report

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Related Experts

Jordan Lehman

Research Analyst


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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Randy Dixon

Regional Managing Director


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 Director


Bob is the Research Director for Colliers in Sacramento, California and also oversees the Reno, Nevada market. With commercial real estate research experience going back to 2015, Bob provides a best-in-class research service offering for the 40+ brokers he supports and external clients he assists. Tracking market trends, uncovering the story behind the data, and adding value with forward-looking perspective, Bob leads his research team to provide unparalleled insights for his clients to make informed decisions in a competitive and ever-shifting marketplace.

Bob’s experience spans the diverse commercial real estate landscape. He has contributed to or produced local, regional, and national reports covering the office, industrial, multifamily, retail, capital markets, life sciences, medical office, and land asset classes. Assisting brokers in winning new business and providing market presentations for internal teams and external organizations, Bob is a sought after thought leader in Northern California. After starting at Colliers in Seattle/Bellevue in 2015, Bob has been at Colliers Sacramento since mid-2018. Bob has been quoted in The Sacramento Business Journal, The Sacramento Bee, The Registry, and Comstock’s Magazine, among other publications.

With increasing leadership responsibilities, Bob’s career has accelerated with the completion of the Colliers/Harvard Business School’s Management Development Program, Leadership Sacramento, and Urban Land Institute Sacramento’s Young Leaders Group. Bob’s passion for commercial real estate, economics, and urban planning are evident in the work he produces and his desire to elevate his research capabilities knows no limits. 

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