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Reno Office Five Fast Facts Q2 2023

Jeff Platts • 8/1/2023
What to know in Reno's Office commercial real estate (CRE) market.
  1. Vacancy Rate Rises YOY 
    The overall vacancy rate, including sublease, increased 170 bps from a year ago to 11.6%.  

  2. Absorption Remains Negative QOQ 
    Occupancy fell by 141,884 sf in Q2 2023. 

  3. New Construction Increases 
    A new 101,000 sf, class A, three story office building is underway at 210 Edison Way.  

  4. Average Asking Rate Rises YOY 
    The average asking rate for all classes combined increased by 1.1% YOY. 

  5. Sales Activity Slows 
    The northern Nevada office market recorded $3.2 million in sales activity down 70% from $11 million this time last year. 
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