The new report just out is showing office vacancies in the Greater Reno Sparks area just under 20% at 19.6% up from 19.2% ealier this year. The southwest corridor, especially double diamond, is getting hit the hardest at a whopping 28% vacancy rate (way over built). Some landlords have been offering some very attractive tenant incentives to attract a good tenant. The landlords I have talked to have dropped their prices by that much because they are fearful if they don’t get a good tenant now they will sit vacant for a number of years. The industrial and warehouse spaces have fared a little better coming in at around 11.3% for Reno and 9.8% for Sparks. In my opinion there are still a lot of stubborn landlords not wanting to face reality and the changing market and need to do a lot more to attract a tenant.
David Hughes
