Surging Sales Volume and Remarkable Rent Growth to Start 2022
Reno’s office market began 2022 with incredible momentum, as the region saw exceptional investment activity, shrinking vacancy, and sizable rent growth. Office sales volume of $76.1 million was the highest first-quarter total on record. Though some sublease space hit the market this quarter, net absorption remained positive. New deliveries helped boost Reno’s growing rents this quarter, which are up 4.3 percent year-over-year to $1.91 per square foot. New businesses continue to expand across the region which will help propel the office market’s upward trajectory through the remainder of the year.
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