Gaining Traction Gradually in 2018
The office market in Northern Nevada remains active, but cannot seem to pull ahead. For each deal that is completed, another space is left vacant, resulting in somewhat stagnant statistics quarter over quarter. Activity remains strong, with high levels of inquiries and tours, but the consummation of deals does not yet reflect this. Another potential reason for this stagnation is that some tenants and landlords appear to be in a correction pattern. An example of this is the US Attorney’s office, who will be vacating 100 West Liberty to move into a government-owned building on Booth Street. Despite the tenant remaining in the market, government-owned properties are not tracked, resulting in what appears as negative net absorption. Another example is Holland & Hart’s sublease at 5441 Kietzke Lane. While they have their entire 30,000 square foot office listed for sublease, they will remain or relocate in up to 15,000 square feet but statistics do not readily capture these antics; resulting in no net changes.
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