April 21, 2016
Reno, NV’s industrial, office and retail sectors took a huge hit during and in the immediate aftermath of the Great Recession. The good news, however, is that the market is now rallying, thanks to the arrival of companies including Tesla, the electric car manufacturer. Also on the scene is data company Switch.
The arrival of these companies, and others, has helped lower the unemployment rate, along with vacancy rates, especially among industrial properties. Due to California’s new minimum wage law, companies are relocating to Reno, which is further helping its economy.
Retail has been doing especially well, with vacancies at 12% (versus 17.3% in 2013). Positive absorption is in play, though retail construction has yet to bounce back.