Vacancy Rates Hit All-Time Low in Northern Nevada
Vacancy has hit a record low in the Reno/Sparks market. While all ships have truly risen with the tide, some submarkets are faring better than others on this statistic. West Reno, which is somewhat incongruent in nature and the smallest submarket stands at 0.64 percent vacant. The North Valleys submarket, which has seen a strong majority of the speculative construction through this cycle, currently sits at 3.47 percent vacancy pending new construction arrivals in the near future. The South Reno submarket remains healthy at 3.53 percent vacancy, with a majority of that number in one building. Sparks is also performing well at 4.12 percent and continues to have an array of different sized options available. The Airport submarket has had a handful of complicated vacancies that keeps it sitting a little higher at 6.54 percent. Lastly, the East Reno submarket, comprised of Tahoe Reno Industrial Center and Fernley, has the biggest share of the vacancy at 7.77 percent tied up in a handful of big box options.
Fortunately (or unfortunately), we expect that user interest will continue tightening the market for some time. While there is a handful of new construction projects, most user’s options will continue to diminish.
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