2020 Q3 Reno Office Market Research Report

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Office Impacted by Job Losses

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Reno/Sparks saw office vacancy increased in the third quarter of 2020 to 10.8 percent as net absorption turned negative. There were no new completions of office space during the quarter. The average asking rate for office space increased slightly, to $1.84 per square foot (psf) on a full service gross (FSG) basis from $1.83 in the second quarter of 2020.

According to the Nevada Department of Employment, Training and Rehabilitation, the Reno/Sparks office job market lost 4,500 jobs between August 2019 and August 2020. Over this period, Reno/Sparks lost 1,500 jobs in the education and health services sector and 3,000 jobs in administration and support sector.

 

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2020 Q3 Reno Office Market Research Report

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John Stater

Research Manager

Las Vegas

John has managed the research and GIS (Geographic Information Services) departments at Colliers’ Las Vegas office for more than two decades. During that time he has been collecting, analyzing and reporting on the commercial real estate market of Las Vegas, NV, building the research department at Colliers International's Las Vegas from the ground up, establishing a database of properties, availabilities and lease and sales comps with over 20,000 records covering the industrial, office, retail, land, multifamily, hospitality, medical office markets, as well as Southern Nevada's economy in general. He also writes for the Vegas CRE Insider blog. As his office's GIS manager, he produces local, regional and national maps.

In his spare time, John writes, designs and publishes games and does freelance work in the game industry and economic research.

 

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Melissa Molyneaux

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Melissa is an Executive Vice President with Colliers International. Her area of specialization is office properties and her focus includes landlord and tenant representation in leasing and sales. Melissa served as the Executive Managing Director of the Reno office from 2015 to 2020.

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