2016 Year-End Report

As 2016 drew to a close, the Reno Office Market’s improvement stalled and ended the year on a somewhat flat note. The absorption for the quarter was 10,097 square feet, which had little impact on vacancy, which in the fourth quarter remained consistent from the third quarter at 13.7 percent. The average asking full service rental rate also remained at $1.44 per square foot per month. While this quarter’s absorption was modest, the year-end total was 65,823 square feet which is respectable but still less than 100,000 square feet which is typical for a market of our size. Although this quarter was mostly unchanged from the third quarter we saw improvement from the beginning of 2016 when vacancy was 14.4 percent and the average asking rental rate per month was $1.36 full service.