Vacancy Rates Hit All Time Low in Northern Nevada
Gross absorption for the quarter posted 1.75 million square feet, which is a healthy statistic for the Northern Nevada market. Net absorption was weakened by the departure of some large tenants that returned 566,000 square feet (Amazon consolidation of Diapers.com space) and a 300,000 square foot space occupied by Belnick. Five transactions closed this month between 100,000 - 200,000 square feet and eight transactions between 10,000 - 20,000 square feet. In all, there were thirty transactions for the quarter with an average deal size of 58,548 square feet.
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