Recovering Investment Activity as Sublease Availability Swells
Reno’s office market experienced recovering sale volume, strong tenant demand, and growing sublease availability in Q3 2022. Investment activity recovered this quarter to $43.5 million, though average price per square foot has continued to drop. With nearly 55,000 square feet of net absorption, nearly half of annual absorption to date, Northern Nevada saw a flurry of leasing activity in the third quarter. Sublease space has grown steadily this year and is now more than one-fifth of all available space. Reno’s strong tenant demand and continued investment activity point to healthy market fundamentals throughout the year.
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