2019 Q1 Reno Office Market Research Report

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Small-Scale Vacancies and New Space Hit The Market

2019 is starting out a bit bumpy for the Northern Nevada office market with vacancy increasing from 11.8 percent at the end of 2018 to 12.5 percent this quarter. This was due to 78,154 square feet of negative net absorption, continuing the downward trajectory we saw in the fourth quarter where there was 79,018 square feet of negative net absorption after two quarters of positive absorption. Vacancy was as low as 11.0 percent in the third quarter of 2018. Last quarter we discussed that the give-back of space was regulated to a few buildings with a high amount of vacancy hitting the market, including 86,471 square feet vacated by AT&T at 645 E Plumb Lane, as well as large blocks of Class C space being difficult to backfill due to the age, quality and location. However, the first quarter of 2019 was different. Instead of large blocks of space being returned in specific locations and classes of buildings, the give-back this quarter was a variety of small vacancies in all classes and submarkets and the delivery of new space to the market, including the completion of 5520 Kietzke Lane with an estimated 25 percent vacancy.

 

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2019 Q1 Reno Office Market Research Report

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Melissa Molyneaux

Senior Vice President, Exec Managing Director

Reno

Melissa is a Senior Vice President with Colliers International. Her area of specialization is office properties and her focus includes landlord and tenant representation in leasing and sales. In addition, she has served as the Executive Managing Director of the Colliers International Reno Office since 2015.

Melissa is an active member of the community and has served on many boards, foundations and committees. She is the past president of Commercial Real Estate Women (CREW) and the College of Business Alumni Association (COBAA), as well as now being a lifetime Emeritus member.

Currently she is on the US Bank Advisory Board. In addition, she is a member of the Northern Nevada CCIM Chapter, Commercial Real Estate Women (CREW), Economic Development Authority of Northern Nevada (EDAWN), and the Northern Nevada/California Society of Office and Industrial Realtors (SIOR) Chapter. Melissa is a graduate of the Leadership Reno-Sparks Class of 2009. She founded The Group in 2006 to help collaboration among women in business.

Melissa is a native Nevadan and enjoys the outdoor activities Northern Nevada offers, along with her husband Brian, daughter Charlotte and their two dogs. She is a fitness enthusiast and enjoys running, triathlons, Bikram yoga and cross-country skiing. 

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