With the close of the third quarter comes the latest issue of our Market Advisor, a quarterly publication with statistics, trends and forecasting information. The big story last quarter was how developers and landlords are ruling the northern Nevada market, while tenants scramble to secure leasing concessions of almost any kind. The trend continued into Q3, and it will likely not soften until the high level of gross absorption begins to decline.
From the report, “Tenants are experiencing stable but strong lease rates,requests for longer lease terms and definite preference toward companies with strong credit, long business history and minimal tenant improvement needs.
“The Reno and Sparks areas are continuing to thrive with Tesla’s giga-factory construction, Apple’s data center expansion, Panasonic taking large amounts of space to stage new equipment, Google’s large land purchase for a data center and USA Parkway opening to connect Interstate 80 to US Highway 50 east of Carson City, bridging the transportation gap between the Reno/ Sparks and Carson Valley markets. In downtown Reno, the midtown area continues to grow and evolve as the meeting place of choice for the new influx of millennials moving into the area, lured by the area’s growing tech sector. This quarter, the new project at Plumb Lane and S. Virginia began, the Urban Market opened its doors as the rst downtown location offering fresh produce for the growing downtown community, and all indications are that the university’s student housing needs will spill over south of I-80 into the downtown redevelopment areas soon.”
For specifics on lease rates, vacancy analysis, historic vs current gross and net absorption, market velocity, a statistical submarket breakdown, significant transactions, and trends and forecasting into the last quarter of the year, download your free copy of our Market Advisor now.