The vacancy rate in Reno's office buildings remains below
national averages, and the area is absorbing more suburban
office space than it's building.
A national study by Colliers International reported last week
that the office vacancy rate in downtown Reno stood at 12 percent
at the end of September compared with a vacancy rate of
14.1 percent in downtown properties nationally.
In suburban areas of Reno, the office vacancy rate was 11.8
percent on Sept. 30. That compares with a national vacancy rate
of 17.2 in similar properties.
No newly constructed office space came onto the downtown
Reno market in the third quarter, and the amount of vacant
space grew by 10,000 square feet during those three months.
That's not unusual, the Colliers report said.
Numerous large markets Cincinatti, Dallas, Minneapolis
and Tampa to name a few saw downtown office construction
at a standstill during the third quarter
In the suburban Reno market, 41,000 square feet of new
office space came on the market in the third quarter, and 66,000
square feet is under construction.
The Reno suburban market absorbed 71,000 square feet of
space during the quarter running counter to the trend in suburban
markets nationwide, Colliers International said.