NV lic S.0166977
Five warehouses in the Reno-Sparks area are under new ownership after a transaction between Tolles Development Company and McKenzie Properties. Tolles Development Company has increased its portfolio by acquiring a combined total of more than 202,700-square-feet in warehouse spaces in Reno-Sparks. Landmark buildings include The Generator, an inclusive artspace known for housing the curation of…
Nevada’s commercial real estate office market is healthy, but not considered robust. Hit hard during the 2008 recession, it’s good to see vacancy rates dropping and rents increasing, but there’s been very little new product built in the last decade, which accounts for at least some of the continuing drop in vacancy rates. “The office…
Northern Nevada By NAI Alliance The overall Northern Nevada economy continues to remain strong through the fourth quarter of 2018. However, there were some small setbacks in the overall and anchor space vacancy rates. The overall vacancy in the Reno/Sparks area increased to 12.33 percent from the previous quarter of 11.90 percent. There was a total…
RENO, Nev. – Carson City based Mission Senior Living on March 18 celebrated the groundbreaking of the new Mountain Lakes Estates Retirement Community in South Reno. According to a March 21 news release, upon completion in spring 2020, the 121,000-square-foot, four-story building will offer 130 apartment homes for active adults 55 and older. The ceremonial…
RENO, Nev. — Whether distracted by the barrage of political phone calls, rising interest rates or national and world events, it felt as if buyers hit the pause button, slowing home sales in our area. But is that correct and, if correct, is that bad news? What are the facts? According to the Reno/Sparks Association…
Nevada’s commercial real estate office market is healthy, but not considered robust. Hit hard during the 2008 recession, it’s good to see vacancy rates dropping and rents increasing, but there’s been very little new product built in the last decade, which accounts for at least some of the continuing drop in vacancy rates. “The office…
No new 80+ unit projects were added during the last quarter of 2018. Develop-able land prices and cost of construction continue to be the most influential factors hindering new multifamily supply. On the demand side, job growth continues to increase as corporations expand or desire to move to the area. Nevada inbound moves have been some of…
Apartment demand for Reno remains very strong with limited inventory available. Average rental rates dropped slightly during Q4 mirroring Q4 of 2017. Vacancy also increased to 3.64% during the off-peak season for moving. Y-o-Y rent growth for 2018 was 9.49% as compared to 7.9% in Las Vegas and 3.1% nationally according to RentCafe and Yardi Matrix.…
Q4 sales were slightly lower than last quarter at $58.1m with the major purchase at around $100K per door dropping the average price per door to $122K. Overall, 475 units were sold. East Reno and Sparks saw the majority of the purchases. Large multifamily sales cleared just over $45m while small multifamily saw around $12.8m.
During the recession, brokers across the board did what they could to stay busy, from cold calls to out-of-the-box solutions. Nevada’s retail market was no different. Christina Strickland, a CBRE Las Vegassenior associate who specializes in retail, no longer has to make cold calls to drum up business like she did during the recession. Now, she’s…