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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