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 Retail Group Releases Q4 2013 Market Report

The NAI Alliance Retail Properties Group has released its Q4 2013 Northern Nevada Retail Market Report.  Here are some of the salient points from the report:

• Overall vacancy rates decreased slightly to 17.45%
• Anchor space vacancy is currently at 13.79%
• In-line shops decreased in vacancy to 22.8%
• There were 23 tenants moving into space in Q4 2013 resulting in 74,406 square feet of new leases.
• In 2013, net absorbtion was 117,873 square feet and gross absorbtion was 465,798 square feet. 
• There were 4 significant investment sales in the second half of 2013, including the Sparks Galleria which sold for $26.2 Million.

Please click here to download the entire report.

NAI Alliance Industrial Properties Group Secures Lease Extension and Expansion at the Reno Air Center

(Reno, NV) – The NAI Alliance Industrial Properties Group of J. Michael Hoeck, Senior Vice President, SIOR, Dave Simonsen, Senior Vice President, SIOR, CCIM, Michael Nevis, Senior Vice President, CCIM, and Steve Kucera Industrial Specialist has recently secured the 17,701 square foot 1ease extension and the 3,567 square foot expansion for Legacy Sports International at 4750 Longley Lane, Suite 207 in Reno, NV.

With the expansion Legacy Sports now occupies a total of 26,228 square feet in the Reno Aircenter business park. They also occupy a 4,960 square foot space in the complex. Legacy Sports was founded in Reno in 2005.

The NAI Industrial Properties Team represented the landlord, IndCor Properties, in this transaction. This space is part of the 9.5MM square foot portfolio IndCor operates in Reno.

Legacy Sports International, LLC is an importer and distributor of firearms and shooting accessories. The company provides high quality, reliable and affordable products for shooting and hunting enthusiasts in America and throughout the world providing value through customer service and product development.

Greater Nevada Credit Union Leases Space in Ridgeview Town Center

(Reno, NV) – Greater Nevada Credit Union leased 1,900 square feet in Ridgeview Town Center located at 5150 Mae Anne Avenue, Suite 203 in Reno, Nevada. In this lease transaction the NAI Office Properties Group of Dominic Brunetti, CCIM and Scott Shanks, SIOR represented the tenant, Greater Nevada Credit Union.

Scott Shanks, SIOR Closes Office Sale Transaction

(Reno, NV) – A J Rocket, LLC, purchased 2.056 acres and a building consisting of 11,000 square feet located at 7788 White Fir Street in Reno, Nevada 89523. In the sale transaction the NAI Office Properties Group of Scott Shanks, SIOR and Dominic Brunetti, CCIM represented the seller, F & J Properties LLC.

NAI Alliance Industrial Team Releases Q4 2013 Market Report

The fourth quarter of 2013 continued the momentum from Q3 for the Industrial Commercial Real Estate market in Northern Nevada. It was a great close of the year as we look towards 2014.

Here are a few quick points. Further details are in the PDF.

• Vacancy rates are below 10% for the first time since Q1 2008 – 9.1%
• A balanced Northern Nevada market is in the 8-10% range
• Gross absorbtion was 89% higher than Q4 2012
• Net absorbtion was 526% higher (not a typo) than Q4 2012 and 768% higher (also not a typo) than the 5 year average.
• There were 41 transactions in the quarter with an average size of 41,000 SF per transaction.
• Only one developer is grading on a 399,000 SF
• Might cause the market to tighten with tenant inability to wait for ground up development.

 All of this means that we’re still on the path to recovery and have viable optimism for 2014.

Click here to download the entire report.