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2021 Q1 Reno Industrial Market Research Report

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Reno’s Rent Growth Accelerates as Demand Spikes

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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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2021 Q1 Reno Industrial Market Research Report

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Chris Fairchild

Executive Vice President

Reno

Chris specializes in industrial property leasing, sales, and investments in the Reno-Sparks and Northern Nevada market.  Chris spends the majority of his time focusing on industrial tenant and buyer representation.   Chris has been fortunate to work with many local, regional, and national companies with their real estate needs, delivering exceptional results, and creating long-term relationships.

Chris has experience negotiating a variety of complex real estate transactions including national and regional distribution facilities, corporate headquarters, data centers, manufacturing plants, and fulfillment centers.

Chris is a member of Colliers Logistics and Transportation Solutions Group.  Leveraging this national platform, Chris’ team has delivered custom-fit logistics solutions to his client’s supply chain needs which have led to many success stories and multi-market assignments.

Chris takes a hands-on approach with his clients and is passionate about understanding their business needs. He and his team drive value for his clients with their superior knowledge of the market, their transaction processes, and punctual communication.

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Casey Scott

Vice President

Reno

As an industrial sales and leasing associate in Northern Nevada, I am happy to apply the skills that I developed as a leading retail associate over the last several years. In my retail role, I harnessed my industry knowledge and provided exceptional value to my clients. My extensive client list includes some of the most prominent owners, tenants, and developers in the area such as Shopoff Realty Investments, ALS Geochemical, and McKenzie Development. I have successfully leased and sold property ranging from small single-tenant suites to large multi-parcel shopping centers.  

Due to the adjusting marketplace post COVID, traditional retailers are adapting and merging with industrial and supply chain opportunities to narrow the gap between manufacturer and consumer. I saw an opportunity to add value to my clients and change my focus to industrial services. My services include industrial landlord and tenant representation and investment sales in which I bring a pragmatic and analytical approach.  

Prior to joining Colliers, I spent nine years in the retail automotive industry where I developed in depth knowledge of the Northern Nevada community as well as the rewards and challenges associated with small business.  

As a former flight instructor and airline pilot I have a keen interest in the integration of complex systems, processes and human factors.  A lifetime of self-discipline, attention to detail, and continuous evaluation helps me realize my client’s overarching business objectives. Delivering the counsel and services necessary for true ‘win-win’ transactions is my goal. 

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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. 

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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. 

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