Reno’s Rent Growth Accelerates as Demand Spikes
Reno’s industrial sector posted record numbers in the first quarter of 2021. This quarter saw an all-time low vacancy of 3.5 percent, while simultaneously setting one of the highest quarterly absorption totals of all time at 1.9 million square feet. It was also a stand-out quarter for construction, as the 2.9 million square feet underway is the highest the market has seen in five years. Asking rents increased 10.1 percent quarter-over-quarter and are up nearly 14.9 percent in the last twelve months. With companies continuing to relocate and expand in the Reno/Sparks area, we anticipate an expanding development pipeline and competitive leasing activity over the next year.
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