As a boutique firm providing professional real estate services to the industrial real estate market in northern Nevada, Miller Industrial Properties knows the Reno-Sparks market. Closely tracking market events is an important aspect of understanding the local market, and we publish quarterly reports created to provide broad-based overviews as well as detailed data covering vacancy, absorption, an outlook for Q2 2017 and important trending. Charts break down the sub-markets and net absorption as well as significant local transactions from the first quarter.
From the Market Advisor for Q1 2017:
“If you have been following the Reno–Sparks industrial real estate market growth over the past few years, you are familiar with names like Zulily.com, Amazon.com, Jet.com, Chewy. com (noticing an E-commerce pattern?), Petco, Sanmar, ITS Logistics and the like.
Those seven projects alone consumed over 4.5 million square feet of vacant space.
The good news is that when these large users move into space, the size of the deal really moves the needle and vacancy drops. However, any market that has been experiencing growth through these large transactions is also subject to a perceived downturn when these large deals don’t sign up on any given quarter. This is what the Q1 numbers of 2017 are showing.”
Download your free copy of the Market Advisor now, and discover what happened in the local industrial real estate market this quarter.