Skip to main content Skip to footer

2020 Q4 Reno Office Market Research Report

Download Report
rno_Downtown_Spring_A_1536x1040

Office Market Starts Road to Recovery

MR_RNO_OFC_20Q4_175x227

The Reno/Sparks office market finished the year with positive demand, declining vacancy, and softening rents. Though annual net absorption of -46,892 square feet resulted in a 60 basis point increase in the market vacancy rate over the course of 2020, Reno’s office sector job growth and strong in-migration since the pandemic point to a vibrant recovery in 2021. The Village at Rancharrah delivered a fully leased 15,000 square foot building during the fourth quarter, the only new completion in 2020. The average asking rate fell $0.03 during Q4 but is level with year-end 2019 at $1.77 per square foot full service gross.

 

Would you like to have future reports delivered directly to your inbox? Sign-up to this and other regional e-mail delivery lists.

Subscribe Here


rno_Downtown_Spring_A_1024x972

2020 Q4 Reno Office Market Research Report

Download Report
Related Experts

Melissa Molyneaux

Executive Vice President

Reno

Melissa is an Executive Vice President with Colliers. Her area of specialization is office properties, and her focus includes landlord and tenant representation in leasing and sales.

View expert

Randy Dixon

Regional Managing Director

Sacramento

Since joining Colliers in July 2010, Randy has put his priorities in building a team of leading market experts for each discipline and combining them with market leading support services and strong next generation brokers, that brokers can leverage to improve their business success.  He has successfully transitioned the culture of the brokers from a silo centric office of teams that work independently to a group that collaborates and leverages the expertise of those around them to improve their business success.  He has been committed to creating an environment where Colliers is giving back to the community and enjoying a fun place to work.

In 2019, Randy expanded his role to include oversight and leadership of the Reno office, and at the beginning of 2022 he has taken on the leadership role for the Puget Sound Seattle and Bellevue offices.  His priority for each of these offices continue to be to build the best culture and resources in the marketplace, and recruit a complement of brokers who add value to the team that others can leverage  to  improve their business success.

Prior to joining Colliers in July 2010, Randy was 22 years experience in Commercial Real Estate with Hines, a privately owned, international real estate firm that has provided the highest level of quality, service and value to its clients and investors.  Randy most recently was responsible for Asset Management services for the 39 properties totaling 3.5 million square feet as well as New Business for the Sacramento area.  Over his tenure with Hines he has worked in Seattle, San Francisco, Los Angeles and San Diego in building successful teams and providing oversight to Asset, Leasing, Property, Facilities and Construction Management services. 

View expert

Bob Shanahan

Research Director

Sacramento

Bob is the Research Director for Colliers in Sacramento, California and also oversees the Reno, Nevada market. With commercial real estate research experience going back to 2015, Bob provides a best-in-class research service offering for the 40+ brokers he supports and external clients he assists. Tracking market trends, uncovering the story behind the data, and adding value with forward-looking perspective, Bob leads his research team to provide unparalleled insights for his clients to make informed decisions in a competitive and ever-shifting marketplace.

Bob’s experience spans the diverse commercial real estate landscape. He has contributed to or produced local, regional, and national reports covering the office, industrial, multifamily, retail, capital markets, life sciences, medical office, and land asset classes. Assisting brokers in winning new business and providing market presentations for internal teams and external organizations, Bob is a sought after thought leader in Northern California. After starting at Colliers in Seattle/Bellevue in 2015, Bob has been at Colliers Sacramento since mid-2018. Bob has been quoted in The Sacramento Business Journal, The Sacramento Bee, The Registry, and Comstock’s Magazine, among other publications.

With increasing leadership responsibilities, Bob’s career has accelerated with the completion of the Colliers/Harvard Business School’s Management Development Program, Leadership Sacramento, and Urban Land Institute Sacramento’s Young Leaders Group. Bob’s passion for commercial real estate, economics, and urban planning are evident in the work he produces and his desire to elevate his research capabilities knows no limits. 

View expert