Vacancy Floats Above 1.0 Percent as Reno Sees Leading Annual Escalation Rates
Reno’s industrial sector experienced healthy tenant demand and strong rent escalations in the third quarter of 2022. With nearly 301,000 square feet of net absorption this quarter, the region returned to more typical leasing totals after incredible demand in the first half of the year. While rent growth was not as dramatic this quarter, annual rent escalations in the Reno area are some of the highest in the nation. Reno’s growing population and expanding industrial footprint point to strong market fundamentals in the future despite looming recessionary concerns, high inflation, and rising interest rates.
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