What area is your expertise? Reno/Sparks, Nevada What trends do you see presently in retail development in your area? We are seeing an increase in vacancy rates in both anchor spaces and in-line shops, as some existing tenants are vacating. What type of retail product is doing well in your area? As in most areas, Costco, Sam’s, Wal-Marts, and Dollar Stores are seeing increased sales. Sales have shifted to retailers with perceived value. Subway’s has also reported increased sales with their $5 sub sandwich promotion. What retailers are new to your area? Dillard’s, Cabella’s, Scheel’s and RC Willey. Who are the active retail developers in your area? Lewis Operating, Red Development and Bayer Properties. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Damonte Ranch Town Center developed by Lewis Operating. The center is anchored by The Home Depot, Office Depot and RC Willey. The center has additional anchor space available. It is located in south Reno east of U.S. 395 at Steamboat and Damonte Ranch Parkway. This center is located in the middle of a master-planned community that will have over 15,000 homes in the immediate area when …
Market Reports
What area is your expertise? Industrial leasing and sales in the Northern Nevada area, including Reno, Sparks, Fernley, and Carson City. What trends do you see presently in industrial development in your area? Abatement of planned buildings while developers wait for speculative big-box construction to absorb. What type of industrial product is doing well in your area? Industrial condos have seen an increase in sales due to some aggressive owners acknowledge current market conditions and dropping prices. Concerning leasing, the 20,000 to 40,000-square-foot sector has been relatively active in big-box industrial spaces. Who are the active industrial developers in your area? Prologis, Panattoni, DP Partners, McShane, Tarragon, UPC, and Development Arts. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? The addition of several new developers building speculative big-box construction has created a new dynamic in the Northern Nevada industrial market. The short-term impact has created a significant increase in overall vacancy. The long-term outcome remains to be seen, but optimistically may create healthy competition among developers luring new prospects to Northern Nevada. The disposition of the Panattoni Industrial Portfolio, a 2.02 million-square-foot portfolio consisting of seven buildings in …
What area is your expertise? We primarily focus on office properties located in the Reno/Tahoe region of Northern Nevada, as well as some outlying areas. The Northern Nevada office market is defined as Reno/Sparks as far north as Spanish Springs and as far south as Mt. Rose Highway, HW 431. Our expertise mainly lies within the seven submarkets in the Reno/Sparks market: South Meadows (89521), Meadowood (89511), Central Reno (89509), Airport (89502), and Downtown Reno (89501). We also track West Reno (89523) and Sparks (89431, 89436) What trends do you see presently in office development in your area? We have seen a tremendous slowdown in new office development over the past 2 years. The booming economy of yesteryear produced an abundance of office space that has outpaced the economic demands of the market. Direct results of this overbuilding are the inflated vacancy rates and a standstill for new development. Most of the office development occurring comes in the form of existing building redevelopment and renovation. Much of this activity is occurring in Downtown Reno where the downtown Reno redevelopment district provides incentives for redevelopment through flexible zoning and tax incentives, therefore allowing developers to achieve a highest and best use …
Older Posts