Office vacancies in Reno below U.S. average

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.


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