NAI Alliance Office Properties Group Releases Q4 2013 Market Report

A good end to the year for the Northern Nevada Office Market.  The office market in Northern Nevada continued to improve at a rate not seen since the start of the recession in Q3 and Q4 2013.  Here are a few of the highlights from the report.

• Q4 absorbtion nearly quadrupled quarter over quarter measures
• Net absorbtion in 2013 was over 5x the 2012 net absorbtion at 202,244 square feet
• Overall vacancy is down to 13.64%
• Quality spaces in Class A buildings are at a premium, resulting in developers planning speculative building projects
• Notable transactions:
• Custom Ink, 50,000 square feet in the Reno Tech Center (100% occupancy)
• LP Insurance, 22,000 square feet at Park Center Tower in Downtown (close to 100% occupancy 

 Click here to view the entire market report.

NAI Alliance Office Team Secures Exclusive Lease Listing for 255 West Peckham Lane

Reno, Nevada – Dominic Brunetti, CCIM, along with his partner Scott Shanks, SIOR have secured the exclusive lease listing for 255 West Peckham Lane in Reno, Nevada. The professional multi‐tenant office building is 6,882 square feet and was built in 1983. The lease rate is $1.50 per square foot. There is currently 1,100 square feet available.

Dominic Brunetti, CCIM Closes Lease Transaction For 3D Keepsake Imaging

(Reno, NV) – 3D Keepsake Imaging, Inc. leased 1,759 square feet in the South Creek Shopping Center located at 65 Foothill Road, Suite 3, Reno, Nevada. In this lease transaction the NAI Office Properties Group of Dominic Brunetti, CCIM and Scott Shanks, SIOR represented the tenant, 3D Keepsake Imaging, Inc.

Scott Shanks, SIOR Closes Lease Renewal Transaction For Prologis Management

(Reno, NV) – Prologis Management LLC renewed their lease at 5190 Neil Road in Reno, Nevada. Prologis Management will now occupy Suite 210 for 2,692 square feet. In this lease transaction the NAI Office Properties Group of Scott Shanks, SIOR and Dominic Brunetti, CCIM represented the tenant, Prologis Management, LLC.

NAI Alliance Office Properties Group Closes Lease at 200 South Virginia

High Desert Internet Services leased nearly 500 square feet of office space at 200 South Virginia Street, Suite 555 in Reno, Nevada. In this lease transaction the NAI Office Properties Group of Scott Shanks, SIOR and Dominic Brunetti, CCIM represented the landlord Basin Street Properties. 

High Desert Internet Services provides wireless internet services designed to cover the areas "left out" by DSL coverage and Cable Modem coverage, giving Rural customers the same type of performance enjoyed by those in the cities. High Desert Internet Services has been servicing Northern Nevada since 2002.

Argonaut Gold Expands into Bigger Building

Dominic Brunetti, CCIM Closes Lease Transaction at 9600 Prototype Court in Reno, Nevada
 
Argonaut Gold is growing and expanding into a 4,600 square foot building located at 9600 Prototype Court in Reno, Nevada. Previously they occupied a 3,682 square foot building. In this lease transaction the NAI Office Properties Group of Dominic Brunetti, CCIM, Scott Shanks, SIOR and Chase Whittemore, MS, represented the landlord Liberty Meadows, LLC.

Zurich American Insurance Leases Office Space at 50 West Liberty Street in Reno, NV

Zurich American Insurance leased 2,535 square feet at 50 West Liberty Street, Suite 920 in Reno, Nevada. In this lease transaction the NAI Office Properties Group of Scott Shanks, SIOR, Dominic Brunetti, CCIM and, Chase Whittemore, MS represented the landlord, Basin Street Properties.

Zurich is relocating to the area. Zurich is a leading multi-line insurance provider with a global network of subsidiaries and offices in over 170 countries.

Northern Nevada Office Property Market Continues To Improve, Optimism Slowly Rising

Many in northern Nevada are starting to feel that most industries are beginning to experience rebounds. The office property market in the area is experiencing the same. Cautious optimism in the office market is prevailing, and there are a number of reasons this is the case.

With asking rents and interest rates remaining low coupled with the quantities of available space on the market, brokers, investors and developers continue to feel that this will only benefit both new, and existing, tenants in the area.

There are some key areas that are experiencing near “back to normal” market trends. The downtown market is a highly sought after environment, as is the Meadowood area. In both of these hot sub-markets, tenants can be expected to pay in the $2.00/sqft range for high-quality Class A space, which is close to where prices were before the recession in the area.

This is due in large part to the demand for .....  Click here to read the entire release  from NAI Alliance.