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Reno Industrial Five Fast Facts Q2 2023

Jeff Platts • 8/1/2023
What to know in Reno's Industrial commercial real estate (CRE) market.
  1. Vacancy Rate Rises YOY 
    Overall vacancy rate increased 160 bps YOY to 3.0% in Q2 2023. 

  2. Storey County Submarket Dominates Occupancy Gains 
    Storey County recorded 558,000 sf of positive absorption in Q2 2023. 

  3. Average Asking Rate Soars YOY 
    The average asking rate for all product types combined increased 40% YOY. 

  4. Sale Activity Slows  
    The northern Nevada industrial market recorded $25.5 million in sales, down 86% YOY. 

  5. New Construction Remains Below Five-Year Average  
    As of Q2 2023, there were eight properties under construction, totaling 2.6 msf which is below the five-year average of 3.8 msf.  
     
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