Press Release: Retail Group
775 336 4600
NAI Alliance Retail Division recently completed their market survey of the Reno Sparks Market for the second quarter of 2009. Excluding regional malls, their findings show total rentable square footage at 12,653,568 and total vacant square feet at 1,979,438. This gives an overall vacancy rate of 15.64%, line shop vacancy of 19.63% and anchor vacancy of 12.79%. Vacancies continue to increase since last quarter causing the highest overall and anchor vacancy rates since NAI Alliance began tracking market statistics in 1990. Line shop vacancy also continues to rise but has not yet reached the recorded high of 20.3%. Total net absorption for the quarter was 42,119 square feet and the total gross absorption was 204,636 square feet. This gross absorption was largely attributable to the opening of the latest phase of the Legends at the Sparks Marina which comprised approximately 134,180 square feet.
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