Sub Single Digit Vacancy with Relief on the Horizon
Northern Nevada’s industrial market has seen healthy leasing activity, a robust construction pipeline, and continued rent growth throughout the first half of 2022. Second quarter net absorption of 1.2 MSF brought year-to-date net absorption to 5.0 MSF. Six new buildings delivered this quarter with some fifteen industrial buildings still under construction. Asking rents grew steadily this quarter to $0.81 per square foot as available space is scarce. Though the unemployment rate ticked up this quarter, Reno reached 30,000 jobs in the manufacturing industry this quarter according to the Department of Employment, Training, and Rehabilitation.
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