— By Tad Loran, Vice President, Retail Specialist, Avison Young | Western Alliance Commercial Inc. — The Northern Nevada retail sector has made quite a comeback post-pandemic as both the population and job market expand. The retail vacancy rate ended last year at 4.7 percent and increased 20 basis points to a current level of 4.9 percent, while market rent increased from $1.70 to $1.83 on a monthly basis for the same period. South Virginia, Meadowood, South Reno and the North Valleys are all recipients of a thriving market. Tenants that have recently entered the region or are expanding in Northern Nevada include Petco, Panera Bread, Colombia Sportswear, Voodoo Brewing Company, the Human Bean, Starbucks, Cracker Barrel, Mountain Mike Pizza, Take 5 Oil Change, AutoZone and Five Below. Tenants with recent closures include Bed Bath & Beyond, Lucky Brand Jeans, Tuesday Morning, Steak ‘n Shake, Sizzler Steakhouse and Claim Jumper. Unemployment in Nevada increased to 4.4 percent in July 2023 from 3.5 percent in December 2022. Even though there was an increase, this continued low unemployment rate has created a challenging labor market with employers lacking the necessary labor pool to grow. Unfortunately, this shortage has led to some prospective new businesses …
