Northern NV’s Industrial Report, Third Quarter 20150

Posted by Thomas Miller, CCIM

miller-industrial-market-advisorWith the close of the third quarter in 2015, northern Nevada’s industrial real estate market continues to roll on. Our Market Advisor has the details, which feature prominently in a recent article from the Reno Gazette-Journal.

From our report:

“Vacancy is down, absorption is up, construction is busy – that’s the short version of the Q3 2015 Reno/Sparks industrial real estate market update. Despite landlords achieving higher rents with fewer concessions, tenants are lining up to take space at a steady and strong pace. In fact, Q3 saw gross absorption double Q2’s numbers with over two million square feet taken off the market. More importantly, however, the market experienced very few departures, resulting in a net absorption of over 1.5 million square feet. To put this net absorption into perspective, Q3 was five times the five-year average and only repeated twice in the past five years: the second and third quarters of 2013.”

Our report details vacancy, absorption, trending and forecasts, plus specifics on notable deals from the third quarter. Get our free third quarter 2015 Market Advisor now, and visit our Resources page to read all Market Advisor issues from 2015.

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About the Author

Thomas Miller, CCIM

Thomas Miller, CCIM is the president and broker of Miller Industrial Properties in Reno, Nevada. He has worked in industrial real estate since 1991, with 15 years of previous experience designing and building industrial warehousing and manufacturing facilities in the northern Nevada market. Contact Tom at tom@mipnv.com or 775-742-9891.

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