2018: The Year of Office Sales
While 2018 was a strong year for the Reno office market, the return of large blocks of space ended the year on a negative note with negative net absorption of 79,018 square feet. As a result, vacancy pushed up to 11.8 percent from 11.0 percent in the third quarter. This was, however, lower than year end 2017 where it ended at 12.1 percent. The amount of negative net absorption was in large part due to big blocks of space that were returned to the market, including AT&T vacating 86,471 square feet at 645 E Plumb Lane and CAEK returning 11,834 square feet at 100 N Arlington Avenue. While not in our office statistics, Wells Fargo also vacated their 100,212 square foot call center facility at 2445 Vassar Street, a light industrial property near the airport, in the fourth quarter.
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