Reno-Sparks vacancy rates make a steep drop in third quarter

A recent article in the RGJ described the commercial real estate vacancy rates drop in the industrial market sector:

Industrial market vacancy rates tumbled in the July-September period across the greater Reno-Sparks region in what a report Monday characterized as a “superstar” third quarter. Overall vacancy began the quarter at 13 percent but finished at 10.5 percent, according to the report by NAI Alliance commercial real estate in Reno. “Exceptional activity, including nine transactions greater than 95,000 square feet, led to a substantial drop in the vacancy rate,” Dave Simonsen, NAI senior vice president, said in the report. “Our market is viewed as balanced when vacancy is in the 8-10 percent range, and we have been above 10 percent since Q1 of 2008.”

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