The Shift to a Landlord-Friendly Market in Northern Nevada0

Posted by Thomas Miller, CCIM

miller-industrial-properties-market-advisorThe Market Advisor, a free quarterly report produce by Miller Industrial Properties, is ready for download on the Resources page of our website. Here’s a quick snapshot of the report, which covers the second quarter of 2015 here in northern Nevada:

“There will be little talk of recovery in the northern Nevada industrial real estate market as we review the second quarter of 2015. Those days are in the rear-view mirror. Today’s topics are all about market expansion. Developing, buying, building and leasing are all happening at a strong rate, and the wheels of the market are continuing to accelerate.

It’s no news that lease rates have been rising; however, now we are seeing landlords becoming more aggressive with higher rent increases through the lease term, longer lease terms, fewer free rent concessions, fewer tenant improvement allowances and much closer attention to a tenant’s financial strength, even prior to quoting any lease rates. In short, landlords are flexing their muscles. Why? Because they can.”

The Q2 2015 Market Advisor prompted an article in the Reno-Gazette Journal: “When it comes to northern Nevada’s industrial market, forget about recovery. It’s all about expansion now, according to a report Thursday.”

Get your free copy of our report for information about net absorption and vacancy, a sub-market breakdown, significant transactions, trending and a forecast through the next quarter. Visit the Resources page of our website and scroll down to Q2 Market Advisor for the free download.

 

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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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