- Vacancy Rate Rises YOY
The overall vacancy rate, including sublease, increased 170 bps from a year ago to 11.6%.
- Absorption Remains Negative QOQ
Occupancy fell by 141,884 sf in Q2 2023.
- New Construction Increases
A new 101,000 sf, class A, three story office building is underway at 210 Edison Way.
- Average Asking Rate Rises YOY
The average asking rate for all classes combined increased by 1.1% YOY.
- Sales Activity Slows
The northern Nevada office market recorded $3.2 million in sales activity down 70% from $11 million this time last year.
Reno Office Five Fast Facts Q2 2023
Jeff Platts • 8/1/2023
What to know in Reno's Office commercial real estate (CRE) market.